Social Security Myths Debunked
On average, more than half of Americans apply for social security before reaching their full retirement age. According to NerdWallet, more than 30 percent of those apply for benefits at 62 years of age. Americans file early for benefits even though researchers claim it would be better to wait to claim their social security benefits. It DOES matter when you opt-in to take your social security benefit. Between the age of 62 and full retirement, your benefits increase by about 7 percent each year and additionally 8 percent each year between your full retirement age and 70. These percentages reflect ... Read More
Do Social Security and Medicare Programs Have Enough Money?
Over 10,000 baby boomers are turning 65 years old every single day according to the American Association for Retired Persons (AARP). The deluge of aging Americans and the increase in longevity in the already 65 plus population are the main reasons why the Social Security and Medicare programs are expected to have financial insolvency issues in the coming decades. Unsurprisingly, the vast majority of baby boomers agree that it is critical to preserve Social Security benefits even if it requires an increase in taxes paid into the system by working Americans. Payroll taxes by far account for the majority of ... Read More
