You can view your Social Security statement online. The Social Security Administration has stopped mailing paper Social Security statements to most workers to cut costs. If you want to view your complete earnings history, taxes paid into the system, and get a personalized estimate of your expected payments, you'll need to create a Social Security online account and log in to view your statement. It's a good idea to periodically check your statement to make sure your information is being recorded correctly and to make decisions about when to claim Social Security. "I recommend that everyone get in the habit of checking their online statement each year, around their birthday, for example," says Michael Astrue, the former commissioner of Social Security. You can also now sign up to receive benefits, change your direct-deposit information, and access a benefit-verification letter online.
The trust fund has a projected deficit. The assets in the Social Security trust funds are expected to be exhausted in 2033, according to the Social Security Board of Trustees' annual report. After that, incoming tax revenue will provide enough income to pay out about three-quarters of promised benefits. "If nothing else is done, certainly payments would be reduced dramatically to just what the tax rolls were bringing in each year, but we can always increase the Social Security tax," says Blankenship. Possible changes that might correct the problem include tax increases, benefit cuts, or a combination of the two approaches. The trustees found that an immediate payroll tax increase of about 1.3% for workers and employers or an immediate benefit reduction of 16.2% would both correct the projected deficit and restore the program to solvency for the next 75 years.
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If my full retirement age is 67 why are the thieves saying I have to wait until I'm dead at 70 to collect full benefits? Plus our fearless leader want to raise the retirement age higher. Why don't the lying bastards just come out and say give me all your money, then die?
sure is nice not to have to work anymore.
long live social security.
Just my luck, 2033 is my full retirement date. I hope the board of trustees figured in the huge amount of disability payments, lower median wages, and lowest labor force participation rates in 38 years? Also, are all the illegal immigrants/anchor payments figured in once the amnesty begins? Oh well, never really planned to get any anyway. Last, but not least, how does the gay marriage and "spouse" work in the future when it's federally approved. I see much pull from the system and less funding.
Even as a person that will have to contribute more and enjoys the 6.2% raise in late December, why cap income? Even I can see that and think something is better that total collapse.
SS was never meant to be a sole means of support for old age.Granted, some pensions
have ended.By the time you`re old enough for SS you`ve had 50 years of working behind you.
You should have had a written financial plan in place by age 50.Many people havn`t saved
a dime at that age.Don`t expect SS to be the total answer.
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