How much do you know about Social Security? These 5 facts from our friends at Motley Fool will make sure you’re up to speed. More importantly, they might prove helpful for any boomer male planning retirement. And if not certain of your benefits, you can simply go here and sign up for an account. You will learn the amount you’re eligible for if you take your benefits at 62, 66 or 70. It costs you nothing.
5 Social Security Facts Boomer Males Should Know
“Social security is a complicated program, yet you cannot afford to NOT know everything you should about your benefits.”
– MotleyFool.com
In the following TOP 5 list below, The Motley Fool’s Financial Planning Team reveals five essential, but little known facts, about the Social Security Program and how it will affect millions of American boomer males. After reading this, you will be well informed about this program put into action in 1935 during President Franklin D. Roosevelt’s administration.
1. Social Security is Massive: In 2014, over 59 million Americans received Social Security. Among them are:
- 38 million retired workers
- 9 million survivors and dependents
- 11 million disabled workers and dependents
2. The Elderly could not Survive without this Program: Many elderly Americans heavily rely on Social Security; it’s the major income source for most older Americans. In fact, 9 out of 10 people age 65 and older receive Social Security benefits, which at times comprises 38% of income.
3. The Workforce is Shrinking: Demographics are not in our favor as fewer workers support more retirees. In 1950 there were 16 workers per Social Security recipient. In 1960 there were 5 workers per recipient. By the year 2033, only 2.1 workers will support one retiree.
4. The Numbers Just Don’t Add Up: Social Security relies on its trust fund in order to cover shortfalls between taxes paid and benefits paid. The trust fund is projected to run out of money in 2033. Once that happens, retirees can only expect to receive about 75% of the benefits they would have received.
5. You can Increase Benefits: Every year you wait to claim social security benefits until age 70 you will boost your annual payouts by 8%. Waiting until you’re 70 will give you 32% more in benefits than if you took them at age 66 and you can receive 76% more than taking them at age 62. If you can afford to delay benefits until age 70 and if you live past age 82, you will receive more in lifetime income from Social Security than if you had waited until full retirement age.
Of course you should discuss your best Social Security option with a certified financial planner or retirement expert. If you lack financial resources, AARP.org can be of help.
You can read the entire post here. Let us know what you think. Share your thoughts below with your fellow boomer males.
Live well.
