Will Social Security exist in 25 years?

Social Security does not now—and is unlikely in the future to—provide enough income for a comfortable retirement. If Social Security is reworked by Congress to extend its life, younger workers and high-income earners will likely be the ones to pay for it.

Is the future of Social Security a known or unknown?

The future is uncertain, but a solid retirement plan considers both knowns and unknowns. While the future of Social Security and other entitlement programs is yet to be determined, those planning for retirement can take steps to offset the risk of these programs reducing their benefits.

What happens to your Social Security benefits when you stop working?

The age you stop working can affect the amount of your Social Security retirement benefits. We base your retirement benefit on your highest 35 years of earnings and the age you start receiving benefits. If you stop work before you start receiving benefits and you have less than 35 years of earnings, your benefit amount is affected.

Is the social security system going to collapse?

Although the collapse of Social Security has been a looming threat for some time, funding issues have become a more imminent concern in recent years. According to the SSA, Social Security programs are currently facing issues of long-term insolvency.

What happens to your social security if you remarry before age 60?

If the remarriage took place before you turned 60 (50 if you are disabled), you cannot draw survivor benefits. You regain eligibility if that marriage ends. And there is no effect on eligibility for survivor benefits if you remarry at or past 60 (50 if disabled).

When do you get your full Social Security benefits?

However, you are entitled to full benefits when you reach your full retirement age. If you delay taking your benefits from your full retirement age up to age 70, your benefit amount will increase. If you start receiving benefits early, your benefits are reduced a small percent for each month before your full retirement age.

What happens if you take Social Security at age 70?

If you delay taking the SS until age 70, the amount would still increase. However, you should consider how much you would not collect between age 66 thru age 70 if you delay. That would be 4 years or 48 monthly checks of whatever your check amount would be at age 66.

How long does the average Social Security benefit last?

Remember, the average retirement will last for about 20 years, and Social Security benefits are typically adjusted annually for inflation to help maintain your standard of living. For more information, visit www.socialsecurity.gov.