Happy (Belated) Birthday to Social Security
I forgot to wish it a happy birthday in last week's column, so I'm going to make up for it today by once again sharing a little history of our nation's bedrock social insurance program.
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Epoch Times
2 days ago
- Epoch Times
Happy (Belated) Birthday to Social Security
Doesn't it just bug you when you miss the birthday of a close friend? That happened to me when I recently missed the 90th birthday of someone who (well, actually something that) has been a big part of my life for the last half century. I'm talking about the Social Security program that turned 90 a week or so ago. Former President Franklin Delano Roosevelt signed the Social Security Act on Aug.14, 1935. I forgot to wish it a happy birthday in last week's column, so I'm going to make up for it today by once again sharing a little history of our nation's bedrock social insurance program.
USA Today
7 days ago
- USA Today
Top 5 Social Security questions most Americans get wrong
How many can you answer correctly? If you're retired or nearing retirement, you probably know some people claiming Social Security benefits, and you might also have a sense of how the program works. You pay into it your entire career, and then when you're older, you start collecting checks for the rest of your life. The finer points of the program are often fuzzier, though. A recent AARP survey revealed dangerous knowledge gaps that could lead some people to make poor decisions about when to apply — or whether to apply at all. Correcting these misconceptions, including the five listed below, is key if you hope to get the most out of the program. 1. What's the earliest age you can claim benefits? Only 40% of those surveyed knew that the earliest you can claim Social Security is age 62 — and even this is a bit of an oversimplification. You have to be 62 for the entire month to be eligible, and in the Social Security Administration's eyes, your birth month only counts if you were born on the first or second. If not, you don't qualify until the month after your birth month. It's also important to note that claiming at 62 is considered claiming early because you're under your full retirement age (FRA) — more on that below. This means you could face an early claiming benefit reduction of up to 30% for signing up then. However, it could still be the right choice for you if you have no other way to cover your living expenses or if you have a short life expectancy. 2. What's the age that maximizes your monthly benefit? Even fewer people know how long they have to wait to maximize their monthly benefit claim. Only a quarter of respondents correctly chose age 70 as the age when you qualify for your largest monthly benefits. Most people guessed younger than this. This is dangerous because you might short-change yourself by claiming earlier, believing you couldn't grow your checks by waiting longer. Thinking you have to wait past 70 to qualify for your maximum checks could prove even more costly. Your benefits don't grow any more once you reach 70, so you should definitely sign up by then at the latest. Otherwise, you're just costing yourself money. 3. What is your full retirement age (FRA)? Your FRA is the age when you qualify for your full Social Security benefit based on your work history. If you claim in the month you reach your FRA, you don't face any early claiming penalties, and you also don't get any delayed retirement credits that boost your benefit. More than one-third of survey respondents believed that FRA is 65, while another quarter said they didn't know. The 65 guess doesn't come out of nowhere. FRA used to be 65 for many years. But in the 1980s, the government made changes to the program to avoid insolvency, including raising the FRA for younger adults. If you were born in 1960 or later, your FRA is 67. However, some older adults have slightly younger FRAs. 4. Can you claim Social Security benefits on an ex-partner's work record? When asked about whether a divorced person could claim Social Security benefits on their ex's work record after a 10-year marriage, half of the respondents either answered incorrectly or didn't know. The truth is that you can, but the 10-year marriage is key. People who get divorced before crossing the 10-year mark are not eligible to claim benefits on their ex's work record. You also aren't eligible to do this if you remarry. However, in this scenario, you could become eligible based on your new spouse's work record. If your spouse remarries but you don't, this doesn't affect your eligibility for an ex-spousal benefit. Claiming on your ex's work record will not prevent their new spouse from receiving checks either. 5. Will you get back the money you lost to the Social Security earnings test? The Social Security earnings test applies to those claiming checks before their FRA while they're still working. If you're under your FRA for all of 2025, you lose $1 for every $2 you earn over $23,400. If you'll reach your FRA this year, you lose $1 for every $3 you earn over $62,160, if you earn this much before your birthday. Few survey respondents understood that this loss, while potentially problematic in the short term, isn't forever. When you reach your FRA, the Social Security Administration increases your checks to make up for the amount it kept from you before. If any of the answers above surprised you, it might be time to rethink your Social Security claiming strategy. You may prefer to claim at a different time to get more money or avoid the earnings test, for example. If you have any questions about how the above rules apply to your specific situation, you can always contact the Social Security Administration for more information. The Motley Fool has a disclosure policy. The Motley Fool is a USA TODAY content partner offering financial news, analysis and commentary designed to help people take control of their financial lives. Its content is produced independently of USA TODAY. The $23,760 Social Security bonus most retirees completely overlook Offer from the Motley Fool: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets"could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. JoinStock Advisorto learn more about these strategies. 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UPI
14-08-2025
- UPI
On This Day, Aug. 14: U.S. reopens embassy in Havana after 54 years
1 of 7 | On August 14, 2015, after 54 years, the U.S. Embassy in Havana, Cuba, was re-opened amid a thawing in relations. File Photo courtesy of the U.S. Department of State | License Photo Aug. 14 (UPI) -- On this date in history: In 1784, Grigory Shelikhov, a Russian fur trader, founded the first permanent Russian settlement in Alaska on Kodiak Island. In 1900, about 2,000 U.S. Marines joined with European forces to capture Beijing, ending the Boxer Rebellion against the Western presence in China. In 1935, the U.S. Congress passed the Social Security Act and President Franklin D. Roosevelt immediately signed it into law. In 1945, U.S. President Harry Truman announced that Japan had accepted terms for unconditional surrender. Japan formally surrendered Sept. 2, officially ending World War II. UPI File Photo In 1959, the satellite Explorer VI transmitted man's first satellite (orbital) view of Earth from space. In 1966, the unmanned U.S. Orbiter 1 spacecraft began orbiting the moon. In 1985, Michael Jackson paid $47 million at auction for the rights to 40,000 songs, including most of the Beatles classics. In 1995, following a long legal battle, Shannon Faulkner was admitted to the cadet corps of the previously all-male Citadel. She resigned from the South Carolina military school four days later. In 2003, a massive power failure spread through Ohio, Michigan, the northeastern United States and eastern Canada, leaving 50 million people in eight states and the province of Ontario without electricity for as long as two days. In 2005, authorities said the crash of a Helios Airways plane in Greece with 121 people aboard could have been caused by a sudden drop in cabin pressure. There were no survivors. In 2006, the conflict between Israel and Hezbollah in Lebanon ended in a truce, effective on this date, after 34 days of fighting. File Photo by Debbie Hill/UPI In 2013, authorities said hundreds of people were killed and thousands injured in clashes between Egyptian security forces and demonstrators calling for the reinstatement of ousted President Mohamed Morsi. In 2014, Major League Baseball owners chose MLB executive Rob Manfred to succeed longtime MLB Commissioner Bud Selig. In 2015, after 54 years, the U.S. Embassy in Havana, Cuba, was re-opened amid a thawing in relations. In 2017, about 1,100 people were confirmed dead with hundreds more missing after heavy rains produced a mudslide in Sierra Leone. In 2021, a 7.2-magnitude earthquake struck Haiti, leaving more than 2,200 people dead and at least 12,000 injured. In 2023, former President Donald Trump was indicted for a fourth time, this time by a grand jury investigating whether he and 18 other defendants named in the 98-page indictment illegally interfered in the 2020 election in Georgia. In 2024, the World Health Organization declared mpox a global public health emergency after it spread from the Democratic Republic of the Congo to several other countries. File Photo by Chris Milosi/EPA-EFE
