Do you think you have a good handle on the ins and outs of Social Security? Learn more about some of the myths and facts about Social Security to make sure that you have all the correct information.
Kiplinger has recently compiled some of the most common Social Security myths and facts. Some of these include:
- Myth: You won’t get back what you put in to Social Security.
- Fact: The amount you receive as a beneficiary is calculated based on your 35 highest-earning years, which can work in your favor.
- Myth: You shouldn’t work while receiving benefits.
- Fact: Your benefits won’t decrease if you work after reaching full retirement age, and they’ll only decrease before then if you take benefits early and make more than the cap ($18,960 in 2021).
- Myth: Social Security is running out of money and seniors in the future won’t get the benefits they deserve.
- Fact: Current payroll taxes cover 79% of current benefits. While the trust fund that pays the rest is on track to run out of funds by 2034, it’s highly unlikely that the American people will allow such a drastic benefits cut. Congress will need to act.
Read through their full article to learn more.
Keep Up with NORA
The National Organization of Retired Americans exists to fight for the benefits that our seniors have earned. Right now, we’re calling on Congress to pass The Guaranteed 3% COLA for Seniors ACT. This legislation would ensure a fairer cost-of-living adjustment each year for Social Security beneficiaries. And NORA is taking this one step further: we want Congress to make this act retroactive to 2010, which means seniors could receive thousands in unpaid benefits.
Join us on Twitter and Facebook to keep up with the latest news on this piece of legislation and other issues affecting American seniors. Then, sign our petition and share it with your loved ones to make sure retirees receive all that they deserve.
