Over the course of 2020, more than 65 million Americans have received Social Security benefits totaling nearly $1 trillion. The Social Security Administration (SSA) has been in existence since 1935 and provides support to retired employees, dependents of retirees, and the disabled.
Recipients can choose when they first claim the payments and in the case of pension support you can: earn bigger monthly payments by deferring them until after the statutory retirement age.
Once you initiate a Social Security payment, you will: keep receiving them for the rest of our lives. If you are bequeathed by a spouse, they may also receive a portion of your monthly payments after your death as a survivor benefit.
When can you claim Social Security benefits for the first time?
There are several programs offered by the SSA, but by far the most well-known and widely used are retiree payments. Employees contribute Social Security payments throughout their working lives to qualify for the support, which is then paid out once they retire.
The earliest age at which you can claim Social Security retirement benefits is 62, but it’s best to delay until full retirement age if possible. You can claim early. see monthly amount decrease up to 30%.
The statutory retirement age varies for different age groups: 66 for those born between 1943 and 1954; to be increased by two months for each older year until 1960. After that, the retirement age is set at 67 years.
If you can delay your application for Social Security for a year or two, you can increase your entitlement until age 70.
Spouse survivor benefits can be claimed anytime after age 60, following the death of the Social Security plan beneficiary. The monthly benefits remain fixed at the amount the deceased received at the time of death.
Manchin on expanding Medicare, including hearing. “I can’t come home and tell someone who is dependent on Medicare and Social Security that both will be insolvent very soon, in 2026 and 2033, and say, ‘We’re going to add more benefits.’ (Senator Sanders has demanded expansion) https://t.co/dEEnIHQfis
— Manu Raju (@mkraju) Nov 12, 2021
Concerns Need Additional Funding for Social Security
The annual increase in Social Security benefits is something to celebrate for the tens of millions of Americans who depend on the monthly support, but there is a long-term trend that worries some lawmakers.
Estimates suggest that the funds currently paying for the various social security programs are unable to keep up with demand and are expected to be insufficient by 2034. By then, CNBC reports that the funds can only cover the cost of about 78% of the promised benefits.
To counter this threat, Rep. John Larson, chairman of the House Ways and Means Subcommittee on Social Security, introduced the Social Security 2100 Act to provide additional funding. The proposal would push the deadline by four years, until 2038, which Larson hopes will provide the opportunity to find a permanent solution.