Misconception: The taxes you pay into Social Security with are kept individually.
Truth: Social Security is really formated as a “pay-as-you-go-system” as stated by NASI. Meaning that individuals are paying into Social Security with their taxes to provide benefits for those who are currently retired. In other words, the payments you are making now will provide benefits for your elder’s retirement, just as the next generation’s payments will go toward your retirement:
Misconception: The money you pay into Social Security will never be in your pocket again.
Truth: This is actually untrue. The Urban Institute formulated research in 2013 that evaluated seven different types of individuals collecting benefits. What was discovered was in every instance the individuals were receiving funds amounting to more than what they paid. The individuals studied were those retired older than sixty-five, and included both Medicare and Social Security benefits.
The research showed that an unmarried female with an income of $44,800 in 2013 with a total produced in her lifetime of $407,000 would actually receive $544,000 from Social Security and Medicare benefits. In addition, married individuals that had contributed $816,000 to Social Security together in their lifetime would receive approximately $1.03 million.
Misconception: If you have a long-term disability it will be nearly impossible to collect benefits.
Fact: In fact, Social Security is prepared for this. This instance is already accounted for in the program, and is referred to as Compassionate Allowances.
Social Security helps streamline the request for benefits and approval process for individuals who are currently receiving benefits but endure an unexpected, life-altering disability.
Over two-hundred different medical problems are accounted for that should accelerate the applications being reviewed and approved. Basically, it adds speed to eligible individual’s applications for disability payments when they meet qualify.
Distributed by Now it Counts
Company Name: Now it Counts
Contact Person: Abby Tegnelia
Country: United States