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Putnam County Makes U.S. Top 10 in Value in SS Benefits
(By – Steven Coburn-Griffis, Putnam County Sentinel)
Despite warnings of doom, mayhem and insolvency, social security benefits for Baby Boomers and even GenXers are considered secure. At least, that’s the opinion issued by SmartAsset, a New York-based personal finance company that, in May, released a Best of the Best places to live on social security savings. The brainchild of Franklin Delano Roosevelt’s presidential administration, the Social Security Board was established when FDR signed the act into law on Aug. 14, 1935. In 1946, the Board became the Social Security Agency, though its precepts remained fundamentally unchanged for those who contribute to the fund: provide retirement benefits to workers through a mandated savings program, assure some degree of financial solvency for the families of deceased members through survivor and death benefits and attend to the needs of individuals who suffer significant mental or physical disabilities. While some retirement benefits are available to contributors as soon as they reach 62 years of age, full benefits, by federal law, aren’t released until age 67. On average throughout the United States, retirees receive $1,294 per month. Read more…