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You Must Know of Social Security : Health
You Must Know of Social Security
25 Jan 2015 viewed (11592) comments (0)
Unfortunately, most people don't even know about the thousands of government-giveaway programs available to them. That's because most of these programs are funded by Washington but administered through either the states or little-known organizations — and 75% of the programs have no income thresholds.
Of the $1 trillion in free government money given away each year, only about $378 billion is distributed as grants. The rest is distributed as direct payments, venture capital, or special "loans" you do not have to pay back.
Social security is a complicated program, yet you cannot afford to NOT know everything you should about your benefits. Even knowing this, it can be hard to find the information you need in order to make the most informed decisions for you and your family.
In the following TOP 5 list below, The Motley Fool’s Financial Planning Team reveals five essential, but little known facts, about the Social Security Program and how it will affect millions of Americans. Although most people expect Social Security to be there for them when they retire, they could be wrong – and by then it might be too late.
Number 1: The #1 Way to Increase Your Benefits
Every year you wait to claim social security benefits until age 70 you will boost your annual payouts by 8%. Waiting until you're 70 will give you 32% more in benefits than if you took them at age 66 and you can receive 76% more than taking them at age 62. If you can afford to delay benefits until age 70 and if you live past age 82, you will receive more in lifetime income from Social Security than if you had waited until full retirement age.
Number 2: The Numbers Just Don’t Add Up
Social Security relies on its trust fund in order to cover shortfalls between taxes paid and benefits paid. The trust fund is projected to run out of money in 2033. Once that happens, retirees can only expect to receive about 75% of the benefits they would have received.
Number 3: The workforce is shrinking
Demographics are not in our favor as fewer workers support more retirees. In 1950 there were 16 workers per Social Security recipient. In 1960 there were 5 workers per recipient. By the year 2033, only 2.1 workers will support one retiree.
Number 4: The Elderly Could Not Survive Without This Program
Many elderly Americans heavily rely on Social Security; it's the major income source for most older Americans. In fact, 9 out of 10 people age 65 and older receive Social Security benefits, which at times comprises 38% of income. Even more important, half of married couples and three quarters of singles receive at least half their retirement income from Social Security.
Number 5: Social Security is Massive
In 2014, over 59 million Americans will receive Social Security. Among them are:
38 million retired workers
9 million survivors and dependents
11 million disabled workers and dependents
How one Seattle couple secured a $60K Social Security bonus - and you can too
A Seattle couple recently discovered some little-known Social Security secrets that can boost many retirees’ income by as much as $60,000. They were shocked by how easy it was to actually take advantage of these loopholes. And although it may seem too good to be true, it's 100% real. In fact, one MarketWatch reporter argues that if more Americans used them, the government would have to shell out an extra $10 billion… every year! So once you learn how to take advantage of these loopholes, you could retire confidently with the peace of mind we’re all after, even if you’re woefully unprepared.
How You Can Claim THOUSANDS of Dollars in Government-Giveaway Programs
But now you can get YOUR fair share — with your copy of our brand-new special report, Free Stuff and Great Bargain Adventures for People Over 50.
You'll discover if you qualify for . . .
*** An often overlooked government program that could give you free health insurance, free drugs, free mammograms and free disease screening — and it's not Medicaid or Medicare
*** A simple way you could get an extra $1,000 added to family members' Social Security checks
*** Government-subsidized trips to vacation resorts worldwide
*** How to get discounted airfares if you've ever been in the military
*** A unique program that lets some people save thousands of dollars on hotel bills at locations all around the world
*** More than 350 colleges that offer reduced or even FREE tuition for people over age 55
*** Government-provided free legal and tax help — to fight creditors, refinance mortgages
*** Special free dental programs for older people
*** A special toll-free hotline you can use to apply for free prescription drugs
*** An overlooked loophole called "FAASF" that could allow you to collect up to an extra $152,000 in Social Security payments
*** A government-funded organization that hands out free or low-cost hearing aids
*** How to get the government to PAY up to $6,500 to help lower your heating and cooling bill
*** How to get up to $10,000 to train for a new career by visiting a special government website
*** The secret to getting $25,000 from state governments just to write a business plan
!!! And lots MORE!
(Please note that some programs we refer to here are subject to income qualification requirements. The free report will direct you to all the relevant information.)
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