by Ernest Smartt

Created on: October 11, 2008   Last Updated: May 04, 2009

There are rumors everywhere about social security. Never rest upon rumors about anything. Ask questions. Expect correct answers. It is, after all, your money that is in question. The information that we can find as we research the issue of SS may not be totally accurate. It is likely that there is a lot of estimation and guessing going into the future status of the Social Security program. However, you can get answers that will be enough for you to make an intelligent decision as to when you should start receiving your Social Security.

Will our Social Security money be there when we are ready for it? Information that is available presently would indicate that there is money there to cover at least for the next 15 years. However, beyond the next few decades there may be reason to doubt. There is a trust fund set up that is drawing interest and is bringing in more money than Social Security is paying out at the present moment. This trust fund will not last beyond 2024, and after that the amount of money in the Social Security account will begin to decrease. It is important that everyone communicate directly with the Social Security Office to decide for yourself what is really happening on your account.

Can receiving our Social Security result in a required limitation to our income? If you choose to receive your Social Security at the age of 62, you will be penalized for it if you have a job in order to make ends meet. Here is the quote from Fidelity Investments: "You can work while you collect. But if you take Social Security before your FRA (full retirement age) and earn more than the annual limit ($13,560 for 2008), your payments could be reduced even more. Once you reach your FRA, you can earn as much as you like without having your benefits reduced." While this does not seem to be quite fair, it is fact.

Who can live on $13,560 a year? Wouldn't this mean that you would have to have food stamps, and other helps? Of course it would. This might even mean that those programs would be limited as well. For some it will be better to wait until the FRA, and collect all of their money. For others, even waiting to be 70 will be better, because they will receive a larger check. For some who are healthy, and working, this is a great plan.

Some may not have need for this Social Security income. You may discover that leaving it there for future needs of the disabled, or people with other situations will be more beneficial. Being disabled is often a greater need than just retiring.

If

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