Social Security

11/4/2014

Social Security, everybody who works have mandatory deductions made for Social Security come out of their paychecks.  There are a lot of people who depend on income from Social Security for their very survival.

In numbers, there are over 59 million Americans who receive Social Security.  I, for instance, along with 11 million other people receive disability from Social Security because I can no longer work.  And, I have read all about the abuses of receiving disability checks.  There is even a commercial that is running now for a firm that promises to help you receive a disability award.  That they advertise on television, doesn't pass my sniff test.

Fewer workers support more retirees. In 1950 there were 16 workers per Social Security recipient. In 1960 it was 5 workers per recipient and by the year 2033 only 2.1 works will support one retiree!

Everyone knows that the longer you wait to claim your Social Security benefits, the more money you will receive.  My official retirement age, based on the year I was born, is 66.  I will turn 65 this December.  Since I'm on disability, I'm unsure whether I can stay on disability or will I be forced at age 66 to retire.  Time will give me the answers I'm sure.

I will tell you that signing up for Social Security, which you must do as you approach 65 and finding the right Medigap policy for your needs, is complicated stuff.  For months our mailbox has groaned under the weight of offers from companies who want to be our Medigap carrier.   Jeff did diligent research, made a decision and we no longer have to look at offers from companies wanting our business - thankfully.

Like Jeff, we have been contributing to the Social Security fund for years.  I started working full time in 1967 and with the exception of a short break in employment when we moved to Maryland from California, have worked continually.  

I had been planning on working for several more years, but then as they say "s..." happens and my long range plans had to be scraped.  You can certainly plan for the future, but sometimes what you had envisioned for yourself does not become your reality.

P