August 14 is the 84th “birthday” of our country’s most beloved and vital social program — Social Security.
I’m sure that no one knew, or could even begin to correctly guess, just how important Social Security would become when the Act was signed into law by President Franklin D. Roosevelt on August 14, 1935.
Today, Social Security issues more than 63 million benefit checks each month, 70% of which go to retired workers, and according to a recent article from the Center on Budget and Policy Priorities, it keeps more than 22 million people out of poverty, including over 15 million retired workers.
Without Social Security, 39.2 percent of elderly Americans would have incomes below the official poverty line.
When first signed into law in the mid-1930s, Social Security was designed to provide a financial foundation for older workers who could no longer provide for themselves. But the program has evolved substantially since then, and now provides for more than just elderly workers.
Spouses of retired workers and their young children may also be eligible for benefits. The program also provides survivor’s insurance should a household’s breadwinner unexpectedly pass away. Currently, more than 5.9 million people receive a monthly survivor benefit averaging about $1,196.
In August 1956 President Dwight Eisenhower signed into law Amendments to the Social Security Act that assured Americans with long-term disabilities would have some form of financial protection.
Current estimates by the Social Security Administration indicate that 90% of today’s working Americans between the ages of 21 and 64 get disability insurance protection from Social Security, and 96% of those aged 20 to 49 are covered by survivor’s insurance protection.
Social Security Is Not An Entitlement For American Workers – It’s An Earned Benefit
Social Security is not an entitlement for workers who’ve earned the required 40 lifetime work credits needed to qualify for the benefit. You’ve been paying into the program since the day you started working, earning credits toward the day you retire.
What most people between the ages of 55 and 70 don’t even realize is that they’re sitting on a potential $1 million lifetime income benefit – thanks to your Social Security benefit.
If you’re like most people I speak with, your jaw just hit the floor.
Yes, it’s true. One MILLION dollars in cold, hard, spendable lifetime retirement benefits.
Your Social Security benefit is GUARANTEED income that you will receive until the day you die – no matter how long you live.
Celebrating Social Security’s 84th Birthday The RichLife Way
The greatest gift that Social Security can provide those who qualify for a retirement benefit is the absolute certainty of receiving their benefit month after month after they have stopped working.
And, the best way for us to celebrate Social Security’s birthday is for me to help you understand just how valuable this benefit can be to you, no matter how long your retirement will be.
It’s part of my mission to help those near retirement or just retiring to get the MAXIMUM benefit they possibly can from their Social Security benefit because…
To put it really simply, the longer you live, the more cash you’ll receive. And, to get the MOST cash possible, you have got to get your claiming strategy right.
There are some really bad consequences to getting your decision wrong.
A study done by the National Bureau of Economic Research in May 2018 identified an irrefutable link between filing for Social Security at age 62 and old-age poverty.
Most Americans leave money on the table because they do not have the information to know how to optimize their claiming strategy.
So stay tuned, for the rest of this month, we’ll be talking about the rules and how you can get the most from your Social Security benefit.