Everyone’s heard of Social Security, but are you sure you really know how it works?
If you’re counting on those checks as guaranteed money during your retirement, be cautious.
There are dozens of loopholes the system can catch you in. And you won’t even know you’ve triggered their booby traps until it’s too late.
Let me tell you the secret to cracking Social Security and make 100% sure that by the time your golden years come around, the government owes you money.
As with any government system, there are hoops to jump through to ensure it’s as difficult as possible to get the money you’re owed.
Thanks to their trillion-dollar debt burden, the government has been pinching pennies over the past couple of years, and I don’t want you or your retirement fund to suffer because of it.
Social Security (SS) is marketed to you as a surefire thing. Something a working American can count on once you’ve clocked out for the last time.
Working for decades to finally retire with insufficient funds is only a spoke in the wheel of the broken system, but unfortunately, we have to deal with what we’ve got.
I’ve done some hunting, and I found several different ways the government can pull the SS rug from underneath your feet.
The worst part is, you may not even find out you’ve jeopardized your benefits until you’re already retired, and it’s too late to increase your savings.
It’s nasty business, waiting until you’ve collected your last paycheck to tell you SS won’t pay what’s due, but that’s the system for you.
I’ll let you in on the secret to ensure that you don’t make these mistakes before it’s time to retire in all the glory, and security, you deserve.
First, it’s important to understand what SS is.
Sure, it’s a monthly check to qualified retired Americans. But what the government so conveniently wants you to forget is you pay into this fund for your entire adult life.
So, in reality, the government is just finding new ways to keep your own money from you. As if taxes weren’t enough.
The government calculates your SS benefits based on your whole career. Your payments come from the 35 highest paid years you’ve worked.
That may raise a red flag for you. What if you haven’t worked for 35 years?
Don’t retire yet. I know that sounds awful, and a bit like a prison sentence, but they want to keep you in the dark on this.
If you don’t work a full 35 years at minimum, you’re already shorting your future self on cash.
Working a few extra years is probably the opposite thing you want to hear, but not only will it increase your SS benefits, it will also give you another opportunity to save.
If you regret not saving for retirement sooner, a handful of extra months’ savings could make a huge difference in your account balance.
The other secret they want you to forget is how old you are.
I know you don’t want a reminder of that, and I don’t blame you.
But the government will be happy to let you start collecting SS at 62. They won’t tell you that you’re only getting three quarters of the amount you’re eligible for.
You have to reach your full retirement age as determined by your birth year to receive 100% of your benefits.
It’s messed up, I know.
But now that you’re in on this, I feel so much better. I hope you feel more prepared to loosen the government’s purse strings and secure the retirement you’ve been waiting for.