Health Health Innovations DatabaseUnder a restricted application, however, you could take just one or the other of the two benefits at 66, and then allow the other benefit to grow at 8% per year, until age 70. For example, depending on how much your own retirement benefit would be, you might file a restricted application for your own retirement benefit, and then let your larger spouse benefit grow to the maximum, switching to it at age 70. Or, if by allowing your own retirement benefit to grow would yield a higher benefit, you could instead file a restricted application for just the ex- spouse benefit at 66, and then switch to your own higher benefit at age 70. You will need professional help to make this determination. The extra money you receive using this strategy accumulates over a typical retirement, and can mean a significantly higher benefit when you are older and need it the most..TSCL agrees that solvency issues for both programs should be addressed as soon as possible so that any changes may be phased in gradually. However, we do not support increased cost-shifting or harsh benefit cuts for seniors. Both Subcommittees will likely hold more hearings on reforming the two programs in the coming months. TSCL will continue to monitor the ongoing debate..Most of the money that Social Security pays out to current beneficiaries comes from payroll taxes. According to the Social Security Trustees, the program received 5.1 billion in payroll taxes in 201Social Security also received an estimated .9 billion from the taxation of Social Security benefits, and .9 billion in interest was earned on special issue non-marketable bonds held by the trust fund last year. … Continued
Blog Environment And Natural Resources 3TSCL is in the early stages of understanding the full scope of the impact of COVID-19 on the Social Security Trust Fund, as we continue to work with Congressional Offices to enact legislation to boost benefits and strengthen program financing..In making the 1977 changes, Congress, wanting to avoid an abrupt change, allowed persons born from 1917 through 1921 to use a special transitional benefit formula or the new 1977 formula, whichever would yield the higher of the two benefits. The transition benefit formula never delivered the promised benefit protection, however, because it did not yield a higher benefit amount. Instead, the new benefit formula most often yielded the higher amount..The programs were struggling even before sequester. Federal funding has remained flat for years, even though about 10,000 Baby Boomers retire every day. … Continued