What is Social Security?
Social Security is largely a pay-as-you-go program. This means that today’s workers pay Social Security taxes into the program and money flows back out as monthly income to beneficiaries.
Social Security is the foundation of economic security for millions of Americans—retirees, disabled persons, and families of retired, disabled or deceased workers. About 163 million Americans pay Social Security taxes and 59 million collect monthly benefits. About one family in four receives income from Social Security.
The average monthly Social Security benefit in July 2015 was:
- $1,336 a month for retired workers;
- $1,282 a month for widows or widowers over the age of 60;
- $1,165 a month for disabled workers;
- $1,979 a month for a disabled worker, spouse and one or more young children;
- $2,631 a month for a widowed mother and two children.
Reported by viralpatriot,
THERE IS NO QUESTION THAT PRESIDENT TRUMP HAS A LOT OF WORK TO DO TO SECURE SOCIAL SECURITY AND ENSURE THOSE WHO PAID IN ARE GETTING THEIR MONEY BACK. TRUMP HAS NOT TACKLED THE PROBLEM COMPLETELY YET BUT THERE IS STILL SOME GOOD NEWS FOR THOSE WHO ARE BUSTING THEIR BUTTS TO ADD TO THEIR INCOME WHILE COLLECTING THEIR SOCIAL SECURITY BENEFITS.
2017 will bring modest payment increases for all social security recipients. The average monthly payment will increase to $1,360 for single recipients and about $2,260 for married couples.
But that’s not all the good news coming from Washington these days. Social Security recipients who want or need to work just got a helping hand from Washington.
Those people, who want or need to work, will now be able to earn more in 2017 without affecting their benefits.
Those under 65 can earn up to $16, 920 this year. Those who are turning 66 can earn as much as $44, 880, up $3,000 from last year.
In the past, if you worked and received benefits you faced penalties if you earned too much. Those penalties are going down this year, reflecting the new reality that Americans are working much later that before.
$1 in benefits will be withheld for every $2 over the maximum earnings for those under age 65. For those 66, but not yet full retirement age (66yrs, 2 months), $1 for every $3 earned over the limit will be held back.
Once full retirement age is reached, there is no limit on what one can earn. Also, any money previously withheld will be returned.
The maximum benefit payment a person at full retirement age will get is going up to $2,687. However, that payment could increase by more, if retirement is delayed until age 67.
Thank you President Trump for helping the unheard voter once again.