Social Security: At what age do payments start and stop? – Community News
Social Security

Social Security: At what age do payments start and stop?

Social Security was created in 1935 to ensure pensioners and their spouses would be taken care of. This was intended to help those who had simply grown too old to work.

If you’re worried about losing the benefits because they stop at some point, there’s no need to. In some cases, they even pass for spouses of those who die while receiving benefits.

65 million Americans collected approximately $1 trillion dollars in benefits in 2020. Many were retirees, and some were disabled or spouses of retirees.

Related: Social Security: 5 things to do before claiming benefits

Age becomes important if you want to get the most out of your pension.

The longer you wait until age 70 (the longer you can wait), the higher your monthly payments will be.

You can retire at age 62 if you are willing to lose up to 30% of potential income, wait until your full retirement age of 66 or 67. If you can wait until 70, you get more for every year.

Related: Stimulant Check: Will Social Security recipients get a fourth check next week?

Once the payments start, you won’t lose them, and if your spouse survives you, he or she can collect some of those monthly payments.

Will there be enough money in the future to pay Social Security benefits?

Many are concerned after projections show that Social Security funding could be exhausted by 2034.

Related: Social Security: Will You Get a Maximum of $3,895?

If that is the case, at that point there is only enough to pay 78% of the benefits people are entitled to.

Rep. John Larson introduced the Social Security 2100 Act that would provide more funding.

This would push the deadline to 2038 and hopefully give enough time to find a solution to the problem.

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