{"id":43970,"date":"2019-07-23T13:18:20","date_gmt":"2019-07-23T17:18:20","guid":{"rendered":"https:\/\/thelehighacresgazette.com\/news\/?p=43970"},"modified":"2019-07-23T13:18:33","modified_gmt":"2019-07-23T17:18:33","slug":"social-security-care-and-beware","status":"publish","type":"post","link":"https:\/\/thelehighacresgazette.com\/news\/2019\/07\/social-security-care-and-beware\/","title":{"rendered":"Social Security \u2013 Care and Beware"},"content":{"rendered":"\n
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By Glenn Mollette<\/p>\n\n\n\n

Americans should be able to draw 100% of their social\nsecurity benefits at age 65 but they can\u2019t.<\/p>\n\n\n\n

1983 began a gradual age increase from 65 to 67 which occurred over a 22-year period. For those who are already past 65, it\u2019s too late to care much.\u00a0People who began collecting at age 62 don\u2019t care either.<\/p>\n\n\n\n

If you started paying into Social Security by the age of 25 and most Americans did or will, then forty years is long enough to pay into a fund that should give you the maximum payout based on what you paid into the fund.\u00a0Many American workers began paying into a retirement account younger than 25 and they were able to draw 100% of their retirement after 27 or 28 years of work. This means some people, like school teachers, government workers, and others might retire as young as 50. Fifty is significantly earlier than 66 or 67 to begin collecting your full Social Security benefits.<\/p>\n\n\n\n

Many Americans will pay into Social Security and never\ncollect a penny although there may be family benefits.<\/p>\n\n\n\n

Americans can begin collecting Social Security at age 62 at\na reduced benefit. The problem this creates for many Americans is they are\nlimited to additional income. Why should the \u201c62\u201d crowd of Americans only be\nable to make $17,640 a year? If they are paying into Social Security from what\nthey are earning from a job then they are only supplementing a system they are\ncollecting from. Many Americans are forced into double trouble. They have\nreduced benefits at age 62 because they want to go ahead and collect the\nincome. Next, they are only allowed to make up to $17,640 additional money from\nworking a job. They end up with a smaller amount of Social Security for life\nand could become totally unable to work a job thus creating a lifetime dilemma.<\/p>\n\n\n\n

The average senior will collect $17,532 in Social Security\nbenefits a year or $1,461 per month with the 2.8% 2019 cost of living increase.\nSome Americans are collecting $2,788 per month or $33,456 a year if they paid\nin the maximum taxable earnings for 35 years. The maximum amount is now\n$132,900! How many Americans will make the maximum amount of earnings for 35\nyears? Each year about 6* of covered workers have earnings above the\ntaxable maximum income.<\/p>\n\n\n\n

Sadly, once America gives up something, we seldom get it\nback. For example, full Social Security at age 65. Our government is starved\nfor cash. Our government has borrowed about $3 trillion from our Social\nSecurity fund. Our government \u201cborrows\u201d from the Social Security fund ad\nnauseam to cover their wasteful spending. If the government can get its way it\nwill increase the Social Security age to 70 or higher. So beware!<\/p>\n\n\n\n

Start talking to your Representative or Senator about your\nSocial Security benefits. If you are under 65 you need to care now.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Glenn Mollette Americans should be able to draw 100% of their social security benefits at age 65 but they can\u2019t. 1983 began a gradual age increase from 65 to… <\/p>\n","protected":false},"author":8,"featured_media":43971,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/43970"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=43970"}],"version-history":[{"count":0,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/43970\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media\/43971"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=43970"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=43970"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=43970"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}