What Should You Do About Your Social Security Benefits? - Cabot Wealth Network

What Should You Do About Your Social Security Benefits?

Learn the history of and fun facts about Social Security, and get specific tips about accessing today’s available benefits and plans.

January2020FFFMagazineCover

For all the concerns about the viability of the U.S. Social Security system, it’s still a very important part of most people’s retirement planning. But when and how you access your benefits can make a big difference in how you plan for retirement.

You can learn all the background about Social Security—and what you should do about your benefits today—when you read this feature story in a recent issue of our Magazine: “When to Start Taking Social Security.

Delve into the history of how social security evolved and became such an important part of the American retirement system.

And learn some fun facts about Social Security, such as:

  • The first monthly Social Security check was sent out in 1940 to Miss Ida May Fuller of Brattleboro, Vermont—she received the grand sum of $22.54 (that adds up to about $414 today).
  • When you die, so does your Social Security number.
  • Women comprise 55% of adult Social Security beneficiaries.
  • Annual Social Security benefits are equal to the size of Mexico’s economy—about a trillion dollars.
  • Recently, Social Security ran a $2.89 trillion surplus, but—all other things being equal—benefits may have to be decreased about 25% by 2034 to keep the system solvent.

When you read this article, you’ll also learn about:

  • Specific tips for couples when considering Social Security
  • Changes to Social Security laws—and how they affect you
  • Which states tax Social Security benefits
  • Costliest Social Security mistakes you should avoid
  • Discover Medicare options for your state
  • Succinct summaries of the 4 primary Medicare plans, Parts A-D

And in this article, you’ll be able to take a quick quiz from AARP, to test your Social Security knowledge.

Get this article about Social Security—and everything else in the January 2020 issue of our Magazine—including:

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