On Friday, I received my Social Security Statement and looked closely at it for the first time. Although, I have been getting these statements for years, I have never paid too much attention to them until now. The reason? My mom is turning 65 this year, and I need to figure out her options. Some Facts About Social Security Surprisingly, the Social Security Statement contains a lot of good information. I included a few highlights here for you. Social Security is for everyone, not just retirees. Social Security can provide benefits if you become disabled, or help support your family if you died. Social Security is not intended to be your only source of retirement income. Social Security is meant to supplement your other sources of retirement income. You will need other savings, investments, pensions, and retirement accounts to make sure you have enough money to live comfortably when you retire. Here’s how to calculate your retirement needs . Social Security is a compact between generations. This means working Americans who pay Social Security taxes are funding Social Security payment for retired and disabled Americans, or their dependents. So, I will be funding mom and dad’s retirement one way or another. Social Security is in serious financial trouble. Due to our demographic, the Social Security Administration (SSA) will be paying more in benefits than they’ll collect in taxes by 2017. Without changes, the Social Security Trust Fund wil ...
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On Friday, I received my Social Security Statement and looked closely at it for the first time. Although, I have been getting these statements for years, I have never paid too much attention to them until now. The reason? My mom is turning 65 this year, and I need to figure out her options. Some Facts About Social Security Surprisingly, the Social Security Statement contains a lot of good information. I included a few highlights here for you. Social Security is for everyone, not just retirees. Social Security can provide benefits if you become disabled, or help support your family if you died. Social Security is not intended to be your only source of retirement income. Social Security is meant to supplement your other sources of retirement income. You will need other savings, investments, pensions, and retirement accounts to make sure you have enough money to live comfortably when you retire. Here’s how to calculate your retirement needs . Social Security is a compact between generations. This means working Americans who pay Social Security taxes are funding Social Security payment for retired and disabled Americans, or their dependents. So, I will be funding mom and dad’s retirement one way or another. Social Security is in serious financial trouble. Due to our demographic, the Social Security Administration (SSA) will be paying more in benefits than they’ll collect in taxes by 2017. Without changes, the Social Security Trust Fund wil ...