Social Security by the numbers
Here are five facts about Social Security that might surprise you.
Please refer to our transcription below if it is easier and/or more convenient for you:
Social security has been a fact of retirement life since 1935. But how much do you really know about it?
- Here are 5 facts that might surprise you.
- The social security trust fund exceeds the gross domestic product of every country in the world, except the 5 largest.
- It’s the major source of retirement income for the majority of Americans.
- Benefits are subject to federal income taxes but it wasn’t always that way. The 1983 amendment to the social security act made benefits taxable.
- Benefits are determined by your average earnings during the lifetime of work based on the 35 highest years of earnings.
- There haven’t always been the cost of living adjustments. Before 1975, an increase in benefits required an active congress. Now, they can happen automatically.
When should you begin taking social security? That may depend on several factors but most people opted for early benefits which can start at age 62. But there is a big difference between age 62 and age 70. You may receive over $1 million dollars in benefits.
So deciding when and how to take the income is a critical decision.
Call today and schedule a review.
Call today so we can review your situation.