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Social Security is so politicized, no one looks at the truth anymore. The truth is that the Social Security system is going bankrupt. Many people believe that there is money in a big"social security pot"--what the politicians call the "social security trust fund." That does not exist. In fact, if you are currently working, the amount withheld from your check this week does not go into any pot for you or anyone else. It gets paid directly to a retiree (or another qualifying individual) as social security benefits: from your payroll check to their pocket.
Social Security is a cash-in, cash-out system and it should be obvious to anyone that as the number of people working declines and the number of retirees increase, there will be more money going out than coming in. It's true there is currently an excess of social security income (the tax collected from paychecks) and the US government actually spends the excess (borrows it from the social security system and spends it on the war in Iraq and other purposes). The only way that the US government can ever pay these funds back is by borrowing more. And since China already holds 10% of our national debt, with Saudi Arabia also owning a big chunk, how secure do you feel that the social security system can continue?
Ignore the facts all you want but that won't change the future which is that the social security system cannot survive as currently structured.
Most people think that they get the largest payment automatically. Not true. You need to make choices when you apply and if you make the incorrect choice, you get a smaller check -- for life. Even if you already receive Social Security Benefits, you may be able to change your selections.
If you are not within 5 years of retirement, we don't advise that you put social security into your retirement income plan because there won't be any. Of course, the US Government may attempt to take a higher and higher social security tax from those who are working, but how far can that go until working people revolt?
Therefore, we have included tips here to maximize what you can get and work the social security system to your best advantage.
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Maximize Your Social Security Income
Get the one-page social security Cheat Sheet
You may think that the folks at the Social Security office will tell you how to get the biggest monthly check. In fact, the federal rules PREVENT them from advising you. There are millions of people who have given up more than $50,000 just by making a simple yet incorrect method of taking their Social Security benefits. Don’t let that be you! Get your free copy now.
I live on Social Security as my only income and every thing is fine all bills paid on time and a few bucks left over.Drive a 2009 Ford,I am 82 and having a blast.