The author says that Social Security may be in a more dire financial state than the latest Trustees report suggests.
The Social Security trust fund most Americans rely on for their retirement will run out of money in 12 years according to the latest Trustees report.
Enjoying your Social Security benefit prior to age 65 means less money to pay the Medicare Part B premiums – for the rest of your life.
As a result of a whistleblower’s disclosure, over 21,000 widow(er) beneficiaries may be entitled to receive higher benefits payments.
Inflation is up again in July. There is another higher projection for the 2022 COLA figure to be announced in October.
Social Security recipients are likely to get a big COLA in 2022, but the author notes that this is a major financial burden for the program.
The author says that Social Security is losing billions of dollars that will one day hit retirees directly in the wallet.
As the author illustrates, when each spouse begins drawing Social Security can have a significant impact on the other’s benefits.