It’s not secret that Social Security isn’t and won’t be around forever unless major change takes place. In fact, more than one-third of retirees rely on their social security for 90 percent of their income, reports AARP. The Social Security scare doesn’t only apply to your beloved parents and grandparents, it applies to people who are receiving Social Security disability (SSD) benefits. Simply said, it affects a ton of people. Before we know it we’re going to find ourselves in an economy turning a blind-eye to a major problem . . . and by the time it comes to fruition, you won’t be able to afford glasses.
The Daunting Reality (That Doesn’t Have to Be)
What does it look like? The Bureau of Labor Statistics reports that the average cost of living per person in the U.S. is $20,194.00, while the average Social Security payout is $15,936.00. Next time your grandma sends you a $5.00 check for your birthday, don’t roll your eyes. Currently, workers pay about 6.2 percent of their income to Social Security, reports U.S. News and World Reports, but if we collectively raise that tax to 7.2 by 2022 and 8.2 percent in 2025, the gap in Social Security funding could be closed by a whopping 76 percent, and 66 percent of US workers surveyed support this initiative. For someone earning $55,000.00 a year, this would only mean a measly $9.60 increase in weekly taxes.
Learn the Law of the Land and Take a Stand
Piles of paperwork and bureaucratic hurdles are enough to put off even the most deserving candidates. The Social Security Administration’s Office of Disability Adjudication and Review (a department with a title about as interesting as watching paint dry), can actually be the salvation of many. Becker Law Office notes that many who don’t file for social security could and should. In fact, many of the appeals provide a 60 day review process to help ensure the applicant has the maximum amount of appeals. Sadly, many people succumb the anxiety that ensues when jumping through Social Security hoops. When someone you know has faced disability
The Debt Threat and What You Can Do To Help Yourself
According to Michael Snyder for “The Economic Collapse”, many people assume that total economic collapse and lack of Social Security as a safety net means that all debts would be released. However, this simply isn’t true. Filing for bankruptcy doesn’t equal a “get of of jail free” card. But how does this relate to the future of fixed incomes? To understand the origin of Social Security, one must look back to the Great Depression and see it on a more national scale.