Archive: Social Security

Congress Ends Two Advanced Social Security Strategies

In November 2015, Congress passed a law that raised the national debt limit and prevented a government shutdown. The law included provisions that removed two social security filing stat uses:“file-and-suspend” and “file and-restrict.”

Advanced Social Security Strategies

The Old Age, Survivors and Disability Insurance (OASDI) Program, commonly known as “Social Security,” is the largest and most widely used institution in the U.S. government. In one way or another, it affects almost every U.S. citizen, but most are familiar with it because of the income it provides to retirees.

Delaying Social Security Benefits

Since it launched in 1935, the Old-Age, Survivors, and Disability Insurance program, better known as “Social Security,” has been part of American retirement planning.The program is intended to assist citizens with retirement income as early as age 62; however, many people will find it beneficial to delay this income until later.

Taxes on Social Security Benefits

The Social Security benefits you receive during retirement may not be completely tax-free income. In general, Social Security income is not taxed; it is only when you earn additional income (either by continuing to work or from investments) that tax begins to play a role in your Social Security income. If,however, you do not earn or receive other income throughout the year, you should not have to worry about being taxed on your Social Security benefits.

Social Security Overview

Social Security is a federal program that provides financial support to U.S. citizens who are retired or disabled. Run by the Social Security Administration (SSA), the program’s technical name is Old Age, Survivors and Disability Insurance. It was created under the Social Security Act (1935) during the Great Depression when the majority of retirees were living in poverty. The goal of Social Security is to enforce social responsibility; the program taxes working individuals and gives the income to retirees and disabled individuals who have paid into the program.