How is Social Security Changing?

Did you know that, next year, CNN Money reveals that Social Security will experience one of the smallest cost-of-living adjustments in the history of the program? Social Security continues to fund 60.4 million Americans living costs and everyday expenses, according to the American Association of Retired Persons (AARP). Even so, applying and qualifying for benefits is becoming increasingly difficult, especially for Florida residents. What is the outlook for the program, and how do you know if you qualify for Social Security?

What is the Current State of Social Security?

Without Social Security and Social Security Disability benefits, over one million Florida seniors would be impoverished. Nearly 90% of Florida’s elderly currently received benefits. People are living longer, however, and Social Security funding is wearing thin.

In fact, U.S. News reveals that benefits are not what they used to be. Today’s seniors are being penalized if they retire and start collecting benefits at 62. NPR, however, reminds Americans to remember that Social Security benefits are hardly about retired persons alone. In fact, Social Security Works co-director, Nancy Altman, describes Social Security as “the largest children’s program.” Altman adds, “Eight percent of the nation’s children receive benefits, either directly, because they’ve lost a parent or their parent has become disabled and can no longer work, or they’re being reared by their grandparents and Social Security [is] a primary part of the family’s income.” It is becoming increasingly clear. Social Security funds are diminishing. It is more difficult than ever to file successful Social Security claims, and retired, disabled, and young Americans are feeling the brunt of this change.

Are You Eligible?

Social Security benefits may be changing. Social Security help continues to vastly benefit the people that receive it. Some of the most common social security questions involve the application process. At the most basic level, Americans must be a permanent resident of a U.S. state or territory, at least 18 years old, and – in most cases – have a minimum of 10 years work experience. Exceptions may be made for Compassionate Allowances. When in doubt, ask for legal advice about Social Security claims.

Social Security is changing. Although benefits may not last forever, they currently do a world of good for recipients. It is important to understand the shifting dynamics and the application process before filing Social Security claims. Read more here: www.hillandponton.com