{"id":173,"date":"2020-03-24T22:22:00","date_gmt":"2020-03-24T22:22:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=173"},"modified":"2023-06-22T18:34:45","modified_gmt":"2023-06-22T18:34:45","slug":"10-important-facts-about-social-security-during-coronavirus","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/10-important-facts-about-social-security-during-coronavirus\/","title":{"rendered":"10 Important Facts About Social Security during Coronavirus"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"173\" class=\"elementor elementor-173\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6e56183 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6e56183\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-ea4dc73\" data-id=\"ea4dc73\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-10b8628 elementor-widget elementor-widget-text-editor\" data-id=\"10b8628\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The Social Security Administration was born out of the national upheaval following the Great Depression. And today, we\u2019re going through\u00a0a historic pandemic that is similarly rocking our nation and world.<\/p><p>Social Security benefits are received by about<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">\u00a064 million people<\/a>\u00a0\u2014\u00a0retired workers, disabled people, and survivors of workers who have died. It provides roughly a third of the income for most of the retired people who receive it. While it has evolved greatly since its inception in 1936, it can sometimes seem a confusing, bureaucratic system. But without it, many people in the United States would struggle to survive.\u00a0<\/p><p>Yet as the coronavirus pandemic puts stress on Americans, some proposals to help the economy could actually hurt Social Security beneficiaries. For example,\u00a0<a href=\"https:\/\/www.cnbc.com\/2020\/03\/11\/how-a-payroll-tax-cut-could-impact-social-security-and-medicare.html\" target=\"_blank\" rel=\"noopener\">President Trump\u2019s proposal to cut payroll taxes \u00a0to 0%<\/a>\u00a0would remove Social Security\u2019s main revenue source and further defund the program.\u00a0<\/p><p>Given the pandemic and the response, it\u2019s not entirely surprising that\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/study-4-in-10-may-delay-retirement\/\" target=\"_blank\" rel=\"noopener\">4 in 10 Americans are now considering delaying retirement<\/a>. That\u2019s why it\u2019s more important than ever to know the facts about Social Security to ensure you are optimizing your benefits and staying on track for retirement.<\/p><p>Here are 10 important things to know about this social safety net.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-3e53201 elementor-widget elementor-widget-template\" data-id=\"3e53201\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-9a05e50 elementor-widget elementor-widget-text-editor\" data-id=\"9a05e50\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-4ad0485 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"4ad0485\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-c7d1328 elementor-column elementor-col-100 elementor-top-column\" data-id=\"c7d1328\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-fe561a2 elementor-widget elementor-widget-text-editor\" data-id=\"fe561a2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\">\u00a0<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-ffec616 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"ffec616\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-bcc0bb8 elementor-column elementor-col-100 elementor-top-column\" data-id=\"bcc0bb8\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-b79ddca elementor-widget elementor-widget-text-editor\" data-id=\"b79ddca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><section class=\"elementor-element elementor-element-ec9fa2b elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"ec9fa2b\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-6470386 elementor-column elementor-col-100 elementor-top-column\" data-id=\"6470386\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-9d20205 elementor-widget elementor-widget-heading\" data-id=\"9d20205\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">1. The Social Security Administration is fueled by taxes from workers<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-ffec616 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"ffec616\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-bcc0bb8 elementor-column elementor-col-100 elementor-top-column\" data-id=\"bcc0bb8\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-b79ddca elementor-widget elementor-widget-text-editor\" data-id=\"b79ddca\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>The money for Social Security payments, whether for retirement, disability, or family benefits, comes from payroll taxes<a href=\"https:\/\/www.ssa.gov\/news\/press\/factsheets\/HowAreSocialSecurity.htm\">\u00a0earmarked to cover those payments<\/a>. Of the total 12.4 percent tax that goes toward Social Security, employees pay 6.2 percent up to the\u00a0<a href=\"https:\/\/www.ssa.gov\/news\/press\/factsheets\/colafacts2020.pdf\">taxable maximum<\/a>\u00a0of $137,700 (in 2020). They do not have to pay Social Security on earnings above $137,700.\u00a0Employers pay the other 6.2 percent to Social Security. Self-employed people pay 12.4 percent.<\/p><p>In 2018, for example, more than 88 percent of Old-Age and Survivors Insurance and Disability Insurance income came from payroll taxes. The rest was from interest earnings from the money in the funds, and from taxing benefits that were paid to people who already have a significant income.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-b36b621 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"b36b621\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-2a5349b elementor-column elementor-col-100 elementor-top-column\" data-id=\"2a5349b\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-5ad0af4 elementor-widget elementor-widget-heading\" data-id=\"5ad0af4\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">2. The Social Security Administration currently faces potential reductions<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-79be00a elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"79be00a\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-29087f9 elementor-column elementor-col-100 elementor-top-column\" data-id=\"29087f9\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-9bedc41 elementor-widget elementor-widget-text-editor\" data-id=\"9bedc41\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>Current estimates are that the<a href=\"https:\/\/www.ssa.gov\/policy\/docs\/ssb\/v70n3\/v70n3p111.html\">\u00a0money to fund Social Security fully will run out<\/a>\u00a0by the year 2035. This timeline could even be\u00a0accelerated given the economic climate and policy proposals around the coronavirus pandemic. This is partly because less money is coming into the system from workers and more money is required by an aging population that is living longer. It is also because Cost of Living Adjustments to ensure that payments cover expenses continue to rise. As of 2020, one projection is that this will cause benefits to only be funded at 75 percent. This may impact when people decide to apply for benefits.\u00a0<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-a3a1f6b elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"a3a1f6b\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-353cac6 elementor-column elementor-col-100 elementor-top-column\" data-id=\"353cac6\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-ba76534 elementor-widget elementor-widget-heading\" data-id=\"ba76534\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">3. Social Security was created to protect American workers<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-5092b35 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"5092b35\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-a142dd3 elementor-column elementor-col-100 elementor-top-column\" data-id=\"a142dd3\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-2a381a9 elementor-widget elementor-widget-text-editor\" data-id=\"2a381a9\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>President Franklin D. Roosevelt established the Social Security Administration to create a safety net for Americans who were unemployed or aged. The decision followed the Great Depression when 24.9 percent of Americans were unemployed at the peak of 1933, and two million were homeless. The Committee on Economic Security was established by executive order in June 1934, and ordered to develop a comprehensive social insurance system covering all major personal economic hazards with emphasis on employment and old age insurance.\u00a0<\/p><p>The United States was the last industrialized nation to establish a Social Security system<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-d5c3805 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d5c3805\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-65fc3d3\" data-id=\"65fc3d3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e417e59 elementor-widget elementor-widget-text-editor\" data-id=\"e417e59\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Between 1889 and 1928, Germany, Belgium, the Netherlands, Austria, France, Italy, Spain, Hungary, Denmark, Iceland, Norway, the United Kingdom, and Canada all put in place social safety nets for their citizens and workers.<a href=\"https:\/\/www.ssa.gov\/policy\/docs\/ssb\/v70n3\/v70n3p79.html\">\u00a0The United States showed little interest until the Great Depression.<\/a><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-fce6971\" data-id=\"fce6971\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-d93f31d elementor-widget elementor-widget-image\" data-id=\"d93f31d\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t<figure class=\"wp-caption\">\n\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"583\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/Screen-Shot-2023-06-14-at-3.41.04-PM-1.png\" class=\"attachment-large size-large wp-image-177\" alt=\"social security great depression\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/Screen-Shot-2023-06-14-at-3.41.04-PM-1.png 681w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/Screen-Shot-2023-06-14-at-3.41.04-PM-1-300x273.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t<figcaption class=\"widget-image-caption wp-caption-text\"><\/figcaption>\n\t\t\t\t\t\t\t\t\t\t<\/figure>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-18d23ee elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"18d23ee\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cf7189f\" data-id=\"cf7189f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-63c1943 elementor-widget elementor-widget-text-editor\" data-id=\"63c1943\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-d2526de elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"d2526de\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-98ca640 elementor-column elementor-col-100 elementor-top-column\" data-id=\"98ca640\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-3c31c5b elementor-widget elementor-widget-heading\" data-id=\"3c31c5b\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">4. Social Security covers disabled workers<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-03abd02 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"03abd02\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-9e6b881 elementor-column elementor-col-100 elementor-top-column\" data-id=\"9e6b881\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-6ccde67 elementor-widget elementor-widget-text-editor\" data-id=\"6ccde67\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>If you are eligible to receive Social Security benefits, but you are not of retirement age, and you become physically or mentally disabled, you may be eligible to receive a monthly payment from Social Security to provide for your needs. Social Security has a<a href=\"https:\/\/www.ssa.gov\/planners\/disability\/qualify.html#anchor3\">\u00a0process<\/a>\u00a0to determine if you qualify. Among the requirements are that your condition must fall under<a href=\"https:\/\/www.ssa.gov\/disability\/professionals\/bluebook\/listing-impairments.htm\">\u00a0the administration\u2019s list<\/a>; and your condition must significantly impair your ability to work for at least 12 months. If you are working in 2020 and your earnings average more than $1,260 a month, you generally cannot be considered disabled.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-d826677 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"d826677\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-8835ed1 elementor-column elementor-col-100 elementor-top-column\" data-id=\"8835ed1\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-3fed030 elementor-widget elementor-widget-heading\" data-id=\"3fed030\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">5. Social Security covers the families of workers<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-0e720ad elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"0e720ad\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-ce65c50 elementor-column elementor-col-100 elementor-top-column\" data-id=\"ce65c50\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-2960424 elementor-widget elementor-widget-text-editor\" data-id=\"2960424\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>Social Security not only covers workers but also their families. For example, if you are eligible to receive Social Security payments because of the money you earned as a worker, and you die before taking your benefits, your family is eligible to receive<a href=\"https:\/\/www.ssa.gov\/planners\/survivors\/ifyou.html\">\u00a0up to 180 percent<\/a>\u00a0of your monthly benefit. Your spouse, and any former spouse to whom you were married for at least 10 years, may be eligible to receive up to\u00a0 percent of your benefit. If you have children who are disabled or who are under the age of 16, they also may be eligible to receive money based on your worker benefit.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-ce87375 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"ce87375\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-2ab4f1b elementor-column elementor-col-100 elementor-top-column\" data-id=\"2ab4f1b\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-b013765 elementor-widget elementor-widget-heading\" data-id=\"b013765\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">6. You must qualify to receive benefits<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-2ff0291 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"2ff0291\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-1e4032a elementor-column elementor-col-100 elementor-top-column\" data-id=\"1e4032a\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-79cb6b3 elementor-widget elementor-widget-text-editor\" data-id=\"79cb6b3\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>To receive worker benefits through Social Security, you must qualify by having earned a certain number of credits. A credit is given when a worker earns money. In 2020, for example,<a href=\"https:\/\/www.ssa.gov\/pubs\/EN-05-10072.pdf\">\u00a0workers receive one credit for every $1,410<\/a>\u00a0they earn \u2014 up to four credits a year. If you earn four credits every year, for 10 years, you qualify for many Social Security benefits including retirement benefits, disability benefits, and benefits for your family like spousal and survivor benefits. The 40-credit rule does not apply if you become disabled or die at a young age. For example, if you die or become disabled before age 24, you generally only need to have earned six credits in the three years prior to qualify for Social Security benefits.<\/p><p>Spouses or ex-spouses and children of beneficiaries also must meet certain criteria. For example, the spouse or former spouse of a worker may be eligible for up to 50 percent of the worker\u2019s Social Security benefit. But to receive spousal benefits, the worker must have filed for their own benefits first. Even former spouses may receive benefits under such circumstances.<\/p><p>The rules for who qualifies can be complex, so it\u2019s important to understand your specific situation.\u00a0<b>\u00a0<\/b><\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-757c564 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"757c564\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-57e946c elementor-column elementor-col-100 elementor-top-column\" data-id=\"57e946c\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-c85e2df elementor-widget elementor-widget-heading\" data-id=\"c85e2df\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">7. Your benefit amount changes depending on when you file<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-f9d3ed4 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"f9d3ed4\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-c52c659 elementor-column elementor-col-100 elementor-top-column\" data-id=\"c52c659\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-76e0c40 elementor-widget elementor-widget-text-editor\" data-id=\"76e0c40\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>Your Full Retirement Age is determined by when you were born. So if you were born between 1954 and 1959,<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\">\u00a0your Full Retirement Age is 66 and some months<\/a>. But if you were born after 1960, your Full Retirement Age is 67. Generally, you can receive 100 percent of your benefit at Full Retirement Age. But if you retire earlier than that, your benefit will be probably smaller; and if you retire later it is likely to be larger.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-e084a03 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"e084a03\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-744db43 elementor-column elementor-col-100 elementor-top-column\" data-id=\"744db43\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-69cd346 elementor-widget elementor-widget-heading\" data-id=\"69cd346\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">8. Social Security payments can be taxed<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-04ce755 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"04ce755\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-4ede47e elementor-column elementor-col-100 elementor-top-column\" data-id=\"4ede47e\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-96df0c6 elementor-widget elementor-widget-text-editor\" data-id=\"96df0c6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>If you have a significant income in addition to your Social Security benefit,<a href=\"https:\/\/www.simplywise.com\/blog\/the-4-tax-mistakes-to-avoid-in-retirement\/\">\u00a0your benefit may be taxed<\/a>. How much you pay is determined partly by your combined income, which is your adjusted gross income, plus your nontaxable interest, plus half of your Social Security benefits. This might include earnings from work, but also interest, dividends, and other taxable income. If you file taxes as an individual, and your combined income is between $25,000 and $34,000, you may have to pay income tax on up to 50 percent of your benefits. If your income is more than $34,000, up to 85 percent of your benefits may be taxable.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-6419694 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6419694\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ffe4ace\" data-id=\"ffe4ace\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-91e0c29 elementor-widget elementor-widget-image\" data-id=\"91e0c29\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"496\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/Screen-Shot-2023-06-14-at-3.43.14-PM.png\" class=\"attachment-large size-large wp-image-175\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/Screen-Shot-2023-06-14-at-3.43.14-PM.png 695w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2023\/06\/Screen-Shot-2023-06-14-at-3.43.14-PM-300x233.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-cd88157 elementor-widget elementor-widget-text-editor\" data-id=\"cd88157\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-49d2db3\" data-id=\"49d2db3\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-4bde3c2 elementor-widget elementor-widget-text-editor\" data-id=\"4bde3c2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>If you file a joint return, and you and your spouse have a combined income between $32,000 and $44,000, you may have to pay income tax on up to 50 percent of your benefits. If it\u2019s above $44,000, you\u2019ll have to pay taxes on up to 85 percent of your benefits may be taxable.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<div class=\"elementor-element elementor-element-c26dabc elementor-widget elementor-widget-text-editor\" data-id=\"c26dabc\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<section class=\"elementor-element elementor-element-7c46d4b elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"7c46d4b\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-a8d5bfb elementor-column elementor-col-50 elementor-top-column\" data-id=\"a8d5bfb\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-acfcfa4 elementor-widget elementor-widget-text-editor\" data-id=\"acfcfa4\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\">\u00a0<\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-119ec91 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"119ec91\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-c2cee1b elementor-column elementor-col-100 elementor-top-column\" data-id=\"c2cee1b\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-9dc68fb elementor-widget elementor-widget-text-editor\" data-id=\"9dc68fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><section class=\"elementor-element elementor-element-566f3cb elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"566f3cb\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-1ffa5a9 elementor-column elementor-col-100 elementor-top-column\" data-id=\"1ffa5a9\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-362539a elementor-widget elementor-widget-heading\" data-id=\"362539a\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">9. You can work and receive Social Security<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-119ec91 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"119ec91\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-c2cee1b elementor-column elementor-col-100 elementor-top-column\" data-id=\"c2cee1b\" data-element_type=\"column\"><div class=\"elementor-column-wrap  elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-9dc68fb elementor-widget elementor-widget-text-editor\" data-id=\"9dc68fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>You can both\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/work-and-collect-ss-withholding\/\" target=\"_blank\" rel=\"noopener\">earn money and receive Social Security retirement or other benefits<\/a>. But if you are younger than your Full Retirement Age the Social Security Administration may reduce your benefit amount. For example, in 2020, people who are below Full Retirement Age (and not going to reach it in the current year) can earn<a href=\"https:\/\/www.ssa.gov\/OACT\/COLA\/rtdet.html\">\u00a0$18,240<\/a>\u00a0without losing any benefits. But for every $2 above that amount, Social Security will deduct $1 from your benefits. However, they will restore it once you reach Full Retirement Age with an adjustment to your retirement benefit. At Full Retirement Age they will no longer reduce your benefit regardless of your income, though they might tax it.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-3d214cd elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"3d214cd\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-18057de elementor-column elementor-col-100 elementor-top-column\" data-id=\"18057de\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-22aee78 elementor-widget elementor-widget-heading\" data-id=\"22aee78\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">10. You should plan the best time to file for Social Security<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-aa70a17 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"aa70a17\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-1f5bc6a elementor-column elementor-col-100 elementor-top-column\" data-id=\"1f5bc6a\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-e258ae1 elementor-widget elementor-widget-text-editor\" data-id=\"e258ae1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>There are many considerations around when to file for Social Security. Most people can file at age 62, and some can file even earlier. However, once you file, you will likely receive that amount and no more for the rest of your life; and if you file before your<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\">\u00a0Full Retirement Age<\/a>\u00a0that amount will be less than 100 percent of your benefit. On the other hand, if you wait to file until you are age 70, you may receive up to 124 percent of your benefit because of a Delayed Retirement credit you receive for waiting. But it may not because of the reduction of benefits in 2035. There are many considerations, though, that could impact your decision. For example, do you intend to continue working? If so, how will that impact your benefit both now and later? How long do you expect to live? Are you entitled to benefits on someone else\u2019s record and how does that impact you?<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-7e08f9d elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"7e08f9d\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-06eb62b elementor-column elementor-col-100 elementor-top-column\" data-id=\"06eb62b\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-d3c7948 elementor-widget elementor-widget-heading\" data-id=\"d3c7948\" data-element_type=\"widget\" data-widget_type=\"heading.default\"><div class=\"elementor-widget-container\"><h2 class=\"elementor-heading-title elementor-size-default\">Takeaways<\/h2><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section><section class=\"elementor-element elementor-element-8465b87 elementor-section-boxed elementor-section-height-default elementor-section-height-default elementor-section elementor-top-section\" data-id=\"8465b87\" data-element_type=\"section\"><div class=\"elementor-container elementor-column-gap-default\"><div class=\"elementor-row\"><div class=\"elementor-element elementor-element-365614b elementor-column elementor-col-100 elementor-top-column\" data-id=\"365614b\" data-element_type=\"column\"><div class=\"elementor-column-wrap elementor-element-populated\"><div class=\"elementor-widget-wrap\"><div class=\"elementor-element elementor-element-e95ff8b elementor-widget elementor-widget-text-editor\" data-id=\"e95ff8b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-text-editor elementor-clearfix\"><p>Social Security is an important safety net, but with this important institution comes a number of nuanced facts and rules. Deciding how to employ Social Security for yourself is not a simple equation. There are many factors, from\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\" target=\"_blank\" rel=\"noopener\">determining your Full Retirement Age<\/a>\u00a0to deciding\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/delaying-social-security-retirement-benefits\/\" target=\"_blank\" rel=\"noopener\">whether to delay claiming your benefits<\/a>.<\/p><p>Given the uncertainty today, it\u2019s now\u00a0more important than ever to educate yourself about your eligibility and options in order to maximize your own retirement income.<\/p><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/div><\/section>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The Social Security Administration was born out of the national upheaval following the Great Depression. And today, we\u2019re going through&nbsp;a historic pandemic that is similarly rocking our nation and world. Social Security benefits are received by about&nbsp;64 million people&nbsp;\u2014&nbsp;retired workers, disabled people, and survivors of workers who have died. It provides roughly a third of [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":204,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-173","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>10 Important Facts About Social Security during Coronavirus - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"Social Security is an important safety net, though it comes with a number of nuanced facts and rules to learn. Deciding how to employ Social Security...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplywise.com\/blog\/10-important-facts-about-social-security-during-coronavirus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"10 Important Facts About Social Security during Coronavirus - SimplyWise Cost Estimator\" \/>\n<meta property=\"og:description\" content=\"Social Security is an important safety net, though it comes with a number of nuanced facts and rules to learn. 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