It's not exactly an entitlement: Social Security covers 94 of American workers, but in order to qualify, a playing 2 deck blackjack worker will need to collect 40 "work credits" over their lifetime.
But if it will be for you, be smart with how you approach your claim for benefits and try to work as long as possible to boost your average annual earnings that the SSA will use in calculating your payout.
For some folks, signing up early and not waiting for age 70 does make sense.
A maximum of four work credits can be earned each year, with one work credit equating to 1,260 in 2016.
They also have to pay back every cent of the benefits received after they filed.Winston Churchill once described Soviet Russia as "a riddle, wrapped in a mystery, inside an enigma." While that was a politically motivated statement, it may also aptly described Social Security, the federal program designed to provide financial support to our nation's workers in retirement.Some of the articles about Congress closing this loophole have described the changes as a "massive" or "devastating" benefits cut.Aside from your claiming decision discussed elks lodge bingo slidell la in the previous point, the other two factors you control that affect your payout are your work and earnings history.
Yet, there are two simple choices that working Americans can make today that could have a remarkably large impact on their Social Security payout once they retire.
An aarp survey of financial advisors last year showed that just 1 believed their clients were "very knowledgeable" about Social Security.
Even better is waiting until 70, when your benefits will get a 32-percent bump from full retirement age.
Leaning so heavily on Social Security isn't advised, but given Americans' poor saving habits and how few are consistently investing in the greatest long-term wealth creator - the stock market - this figure isn't surprising.Of these, 14 percent may be newly eligible for Medicaid in 2014 due to expansion in 25 states and the District of Columbia and 58 percent could be eligible for tax credits that reduce the premiums for coverage purchased through the new health insurance exchanges.".However, the FRA is a moving target: It's changing based on the year you were born.Claim at age 70, the first choice is to avoid the herd mentality and to wait as long as possible to enroll for benefits.With this in mind, let's take a closer look at 20 things you should know about Social Security.