Here are five facts about Social Security that might surprise you.
Social Security has been a fact of retirement life since 1935, but how much do you really know about it? Here are five facts that might surprise you.
1: The social security trust fund exceeds the gross domestic product of every country in the world except the four largest.
2: It’s a major source of retirement income for the majority of Americans.
3: Benefits are subject to federal income taxes, but it wasn’t always that way. The 1983 Amendments to the Social Security Act made benefits taxable.
4: Benefits are determined by your average earnings during a lifetime of work based on the 35 highest years of earnings.
5: There haven’t always been cost of living adjustments. Before 1975, increasing benefits required an act of Congress. Now, they can happen automatically.
When should you begin taking social security? That may depend on several factors. But many people opt for early benefits, which can start at 62. But there is a big difference between age 62 and age 70. You may receive over $1 million in benefits, so deciding when and how to take the income is a critical decision. Cal today and schedule a review.