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History and How It Works

In this video we will be going through the history of Social Security, what it is, and where it’s headed. From its foundation, Social Security has been maintained by the Federal Government and funded through compulsory paycheck deductions of about 6.2%. It was originally put into place in 1935 to pay retirement income to those age 65 and older.

Over the years, Social Security has changed - the retirement age has gone up, loopholes have been closed. In this video, Skip will walk you through what that could mean for your retirement.. He discuss what it might look like for you to take your benefits early, or even what it might mean to wait until a few years after your retirement age. You’ll also learn about what it takes to qualify for your Social Security benefits and the potential changes in Social Security that you should be aware of as you near retirement.

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Sources

Different Types of Retirement:
Source: money.msn.com/retirement/how-to-evaluate-retirement-risks
Source: www.pe.com/business/business-insider-headlines/20121128-biggest-risk-in-retirement-taxes.ece

Live Longer In Retirement
Source: http://longevity3.stanford.edu/wp-content/uploads/2013/09/SOA_SCL_Final.pdf, Page 13

The History of Social Security
Source: //www.socialsecurity.gov/pubs/EN-05-10072.pdf

Age Required to Receive Full Social Security Benefits
Source: http://www.ssa.gov/retire2/agereduction.htm

Qualifying for Social Security
Source: https://www.ssa.gov/news/press/factsheets/colafacts2016.htmSource Source: http://www.dol.gov/ebsa/pdf/retirementtoolkit.pdfEarly/

Late Benefit Comparison Chart
Source: www.ssa.gov/oact/ProgData/ar_drc.html 
Source: www.ssa.gov/oact/cola/piaformula.html

Working and Collecting Benefits
Source: http://www.ssa.gov/retire2/whileworking.htm

The Solvency of Social Security
Source: www.ssa.gov/oact/trsum/

Choices We Face for Restoring Solvency
Source: http://www.ncsl.org/ncsl-in-dc/standing-committees/labor-and-economic-development/maintaining-the-solvency-of-social-security.aspx
Source: www.usdebtclock.org

New Laws Affect Future Social Security Claiming Stragegies
Source: http://docs.house.gov/meetings/RU/RU00/CPRT-114-RU00-D001.pdf

New Law: Applies 3 Sets of Rules to 3 Different Groups
https://www.ssa.gov/planners/retire/claiming.html

Claiming Social Security Benefits Following a Divorce
Source: www.aarp.org/content/dam/aarp/aarp_foundation/2012-05/find-out-how-to-claim-social-security-if-you-are-divorced-aarp.pdf

Survivor’s Benefits
Source: www.aarp.org/work/social-security/info-02-2011/social_security_mailbox_survivor_ benefits.html

Potential “Fixes” For Those Who Have Already Started Collecting Early Benefits
Source: http://www.cbsnews.com/news/started-social-security-too-early-5-possible-fixes/

Part B - Medicare Costs
Source: ttps://www.medicare.gov/your-medicare-costs/part-b-costs/part-b-costs.html

Social Security Administration Guide
Source: https://secure.ssa.gov/poms.nsf/lnx/0200203004

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Investment advisory services offered through AdvisorNet Wealth Management (AWM). Great Waters Financial and AWM are not affiliated. Insurance products provided by Great Waters Financial, a Minnesota insurance agency.