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Coordinating Social Security Benefits with Other Retirement Assets
Social Security provides retirement income you can’t outlive. And, in addition to your own benefit, your spouse may be eligible to receive benefits based on your earnings record in the form of spousal benefits and survivor’s benefits. So, it’s easy to see why, with all of these potential benefit options, Social Security is an important source of retirement income. But, according to the Social Security Administration, only about 40% of an average worker’s preretirement income is replaced by Social Security (Source: SSA Publication No. 05-10035, July 2012). When trying to figure out how you’ll meet your retirement income needs, you’ll probably have to coordinate your Social Security benefits with other retirement income sources such as pensions, qualified retirement accounts (e.g., 401(k), IRA), and other personal savings. Read more…
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Simple fix: Only people who have contributed to Social Security via payroll taxes should receive benefits from Social Security. Of course, widows or widowers whose spouse has died after paying into the system for years should be able to receive their dead spouse’s benefits.
But the nonsense of letting older people, native born or immigrants, to draw Social Security benefits after paying nothing into the system must stop. Those who do not contribute should not be allowed to take my money, after I’ve worked for 48 years and counting. And oh yes, what I have paid into the system is MY money, not part of some communal pool for everyone to take.
Sincerely,
Hugh