Myths and Facts about Social Security (Part 2)


V5k9Swo2kSIaWq2T_bHiSR9DBBh985AaCuQrB1euvggMyth: Social Security is only a retirement program.

Fact: Social Security also offers disability and survivor’s benefits.

With all the focus on retirement benefits, it’s easy to overlook the fact that Social Security also offers protection against long-term disability. If you receive these benefits, your family members may be eligible to receive benefits too.

Another valuable source of support for your family is Social Security survivor’s insurance. If you were to die prior to retirement, certain members of your family, including your spouse, children, and dependent parents, may be eligible for monthly survivor’s benefits that can help replace lost income.


Myth: If you earn money after you retire, you’ll lose your Social Security benefit.

Fact: Money you earn after you retire will only affect your Social Security benefit if you’re under full retirement age.

Once you reach full retirement age, you can earn as much as you are able without affecting your Social Security retirement benefit. If you’re under full retirement age, however, any income you earn may affect the amount of benefit you receive:

  • If you’re under full retirement age, $1 in benefits will be withheld for every $2 you earn above the 2015 limit of $15,720.
  • In the year you reach full retirement age, $1 in benefits will be withheld for every $3 you earn above the limit, until the month you reach full retirement age. If you reach full retirement age in 2015, that limit is $41,880.

Even if your monthly benefits are reduced in the short term due to your earnings, you should receive the higher monthly benefits. SSA recalculates your benefit at full retirement age.

*Original article from Broadridge/Forefield Newsletter

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