How Social Security benefits American children

Two studies, one written by the Center for Economic and Policy Research more than 10 years ago, and the other published by the progressive Center for Global Policy Solutions this July, have one thing in common. Both reveal that, except in the very poorest households, among low-income families, there are more children in households who benefit from a Social Security check monthly than a check from anti-poverty programs. Included in this number are those who receive Temporary Assistance to Needy Families (TANF) or Supplemental Security Income benefits.

According to the paper written by economist Heather Marie Boushey in 2003, 8.6% of children in households earning less than 200% of the federal poverty line were living with someone receiving TANF. 11.9% of children were living with someone receiving Social Security. Meanwhile, the 2016 study showed that 6.4 million children, or 8.7% of all children in the United States, benefited from Social Security in 2014. That marks an increase from 5.4 million (7.3%) in 2003.

The process of filing for and appealing Social Security disability benefits is often complicated and a tedious task for someone who is recovering from a serious long-term injury or illness. If you are struggling with your Social Security disability benefits, you can turn to the attorneys at the Hankey Law Office in Indianapolis for help by calling our offices today at (317) 634-8565 or (800) 520-3633.

Reasons to collect Social Security early

Despite most experts urging Americans to wait as long as possible, or at least wait until retirement age, before collecting Social Security benefits, the advice may not be right for everyone.

You may want to consider collecting early if you are in poor health and do not expect to live well into your 70s or 80s. While you’ll have a small penalty for collecting Social Security early, it may be worth it to make your life comfortable now.

Similarly, if you need the money now to make ends meet, taking Social Security could be the best option for you. Most people eligible for Social Security start collecting before retirement age.

On the other hand, if you believe you’re highly skilled in finance, it could be beneficial to take out Social Security and invest it yourself. However, if you’re still working or have other income coming in, your benefits could be subjected to income taxes.

To learn more about early retirement and Social Security, contact the Social Security lawyers of the Hankey Law Office, P.C. at (317) 634-8565.

Retiring at 70 could mean more Social Security benefits

Retiring at 70 is probably an unsettling idea for many, but new data by the National Retirement Risk Index shows that most individuals who retire at age 65 are taking a large financial risk.

However, 86 percent of working Americans who wait until age 70 to retire are better prepared to care for themselves financially. About 21 million retired workers rely on Social Security benefits as their main form of income, and the earlier you receive benefits the less you are likely to get in the long run.

Someone who takes Social Security at 70 could have a 75 percent larger benefit base than if the same person took retirement benefits at 62. Many factors determine your monthly Social Security benefits, such as health history and marriage, and waiting does not always mean more money.

If you are about to retire and want to learn more about your Social Security options, contact the Hankey Law Office, P.C. by calling (317) 634-8565.