Do You Need Social Security?

By Dr. Glenn Mollette


In 2020 over 64 million Americans were collecting Social Security.


The National Institute for Retirement Security (NIRS)has reported that Social Security is the only income source for 40 percent of retirees over the age of 60." (Forbes.com) The study also claimed that only 6.8 percent of retirees receive income from the three-legged stool of Social Security, a defined benefit pension and a defined contribution plan.


Another study conducted by researchers at the Social Security Administration, found that only 19.6 of Americans 65 and over received at least 90% of their total incomes from Social Security. That's a big difference from the stat provided by the NIRS.


Nevertheless, the point is that for millions of Americans Social Security is either all they have or mostly all they have. Also, there are some government employees who have their own pension system and do not pay into Social Security.


Social Security taxes take a bite of our income from every check. Employers and employees each pay 6.2 percent of wages up to the taxable maximum of $142,800 for 2021. The self-employed pay 12.4 percent. Some self-employed struggle with paying the 12.4 percent and look for creative ways to only report a small salary. This may enable you to have more cash now but your Social Security check will be much smaller when you become retirement age.


Religious objectors can often be exempted from paying the tax. I knew a minister who in his younger days did the paperwork to exempt out of Social Security. It was the one of the biggest mistakes of his life. When he became 65, he couldn't quit working. He had also drawn out most of his other pension savings for emergencies.


With meager retirement dollars he was also faced with having to buy Medicare insurance. To make matters worse he was diagnosed with terminal cancer. At a relatively young senior adult age he had nothing with which to fight. He was tired from his long years of work. He had nothing financially saved. He couldn't stop working. Medical insurance became a dilemma and within two years he was dead.


Social Security is not a perfect world. It won't make you rich but you'll be glad you have the check and the medical insurance.


Keep this in mind the average monthly Social Security payment for 2021 is $1,543, and the maximum you can receive at full retirement age is $3,113 a month. If you have waited until you are 70 the amount is $3,895.00. These figures change all the time depending on cost of living adjustments and how long you work and how much you pay into the system. Keep in mind the longer you work and the more you pay into Social Security, the more you collect at retirement.


So, go to work and be glad for every dollar withheld from your check for Social Security.


Dr. Glenn Mollette is a graduate of numerous schools including Georgetown College, Southern and Lexington Seminaries in Kentucky. He is the author of 13 books including Uncommon Sense. His column is published weekly in over 600 publications in all 50 states.

More Resources

Ask Rusty - Ex-spouse benefits - When you don't get
Dear Rusty: I am very confused about where I stand with Social Security. I have been divorced twice. First husband is 79; I was married to him for 10 years.
New Hope for Alzheimers Treatment
There is now widespread agreement among research scientists and medical professionals that Alzheimer's Disease (AD) is a problem quickly growing to vast proportions. As the life expectancy of Americans continues to rise, increasing the percentage of the population over 65 years of age, so does the number of Alzheimer's cases.
Caregiving Across The Miles-Tips for Successful Long Distance Caregiving
Caring for a parent or a loved one is a difficult job. Your duties as a caregiver become increasingly difficult as the miles increase between you and your loved one.
Marketing, Selling, and Serving the Older Adult, Senior Citizens, Family Caregivers
Are your clients pleased by the fine quality service that you provide? Validating your clients' endorsement of you through Certification as a Senior Approved Service will increase your client base. Senior Approved Certification leads a family towards a service like yours side stepping the possibility of connecting with a less than desirable service.
What Colour was Your Great-grandmothers Hair?
I've just made another Photoshop video. This one is about colour tinting (or "colorizing") an old photo.
What You Need to Know About Helping Senior Citizens
IntroductionThe baby boomers is the population which haven taken birth after second world war till 1965 when there was a tremendous increase in birth rate due to the social and economic development in the USA. Now this population is going into the old age and thus bringing a burden to the nation as the country has to take care of not only the food and shelter but also the medical care.
Why Do Some Old People Get Cranky?
I hear you already. All old people aren't cranky. I have a friend who is 96 years old and is the delight of all who know her. She is independent.
Caring for Aging Relatives
It happens somewhat slowly in the beginning, maybe with a small cough that gets worse as time goes on. It might simply begin with absent mindedness which is totally out of character, followed by total memory lapses.
It's Medicare Open Enrollment Season. Here's What You Need to Know
Medicare's Annual Election Period is here. Beginning October 15, seniors will choose their Medicare plans for 2019. They'll have to make their selections by December 7 for coverage that takes effect January 1.
When the Box is Empty
The King had a modest kingdom. He was Danish.
As the Baby Boomers Age
Many employees today are calling in sick - not to care for themselves or their children, but to care for their aging parents. Baby boomers are rapidly moving into the role of caregivers for their parents, but with a few extra challenges due to the changing face of our workforce.
Using The Proper Wheelchair Will Make Your Everyday Life Easier
If you have an injury or a health problem that restricts your mobility, you can achieve the independence you desire with a wheelchair that's just right for you. Wheelchairs are constructed for people of every size, shape, and age, and have features designed to meet the many diverse interests of users and appropriate for the various levels of assistance required.
How To Find Affordable Senior Housing
A few years ago Miranda M. became a widow.
Board and Care Homes - What Are They?
Board and Care homes (also known as RCFE's - Residential Care Facilities for the Elderly) are residential private homes that have been licensed by the Department of Social Services to provide services to seniors. Most accept no more than six residents, but offer a cozy, home-like setting for frail seniors.
Skilled Nursing Homes - What Are They?
A skilled nursing home is a medical facility providing services similar to a hospital. The homes are staffed with licensed nurses, shared rooms, hospital beds, regular scheduled doctor rounds, meals and housekeeping.
Short Trips Can Stimulate Alzheimers Patients
Severe degradation of short-term memory means that my father, an Alzheimer's elder, is seldom interested in movies or books. And, although music used to be a source of enjoyment, he no longer listens with pleasure.
Baby Boomers: Will They Be Able to Afford Their Parents?
Do you worry about whether your aging parents have their "affairs in order?" You should. After all, you're the one who will have to pay unnecessary taxes and endure time-consuming court procedures if your parents don't have an effective estate plan.
Alzheimers Care Giving While Maintaining Your Own Health
Just for a moment I want you to imagine that you are coming out of a very deep sleep. If you have ever had surgery try to remember the way you felt as you were trying to make sense of things as you awoke.
The Right Wheelchair Accessories Will Ease Your Life and Your Journeys on Wheels
Wheelchairs come in every shape and size with sufficient options that you can find the wheels you like to take you where you want to go with the assistance you need. To enhance the comfort and convenience of your journey, choose accessories tailored to provide the best support for your activities and your health concerns.
Senior Care for Alzheimer's
As a person ages, a certain amount of memory loss and confusion is quite normal. Personally, I've been known to invoke the cliché, "The older I get, the better I was!" Unfortunately, Alzheimer's disease represents a more serious loss of mental sharpness and calls for special care for seniors.
>

More Elder Care Information:

Related Articles

Exercise Walking For Seniors: Preventing Foot Problems
Exercise has a very important role in the general health and the quality of life of everyone, but especially in seniors. Seniors who walk tend to look younger, sleep more soundly and have fewer visits to the doctor.
What You Need to Know About Helping Senior Citizens
IntroductionThe baby boomers is the population which haven taken birth after second world war till 1965 when there was a tremendous increase in birth rate due to the social and economic development in the USA. Now this population is going into the old age and thus bringing a burden to the nation as the country has to take care of not only the food and shelter but also the medical care.
Growing old on the streets is not easy
According to a U.S. government study 1.5 million Americans are considered to be homeless. And, while efforts are underway, and in some cases making progress toward reducing the ravages of homelessness, more needs to be done, according to Dan Weber, president of the Association of Mature American Citizens.
Scaling Down (almost) Painlessly
Moving to a smaller house or apartment in a retirement community almost always involves a certain degree of trauma, both for the elder who's moving and for family members. However, by planning ahead you can reduce the discomfort involved and turn what might well become a nightmare into a pleasant event.
Marketing, Selling, and Serving the Older Adult, Senior Citizens, Family Caregivers
Are your clients pleased by the fine quality service that you provide? Validating your clients' endorsement of you through Certification as a Senior Approved Service will increase your client base. Senior Approved Certification leads a family towards a service like yours side stepping the possibility of connecting with a less than desirable service.
The Dryer Ate Your Underwear!
Q: My mom is in the early stages of dementia and she is also incontinent we have tried to get her to stop wearing her underpants and have her start wearing pull-up diapers, she throws the Depends out the door and puts her underpants on. Of coarse we have a lot of laundry! How should I handle this?A: This one should be fairly easy to solve.
Assisted Living: Tips on How to Choose a Facility
It is easy to be fooled by fancy drapery or expensive furniture that may decorate a care facility. Even though a facility looks high class doesn't always mean the care provided is first class.
Ask Rusty - Should my wife wait until age 66 to claim benefits?
Dear Rusty: I will be at my full retirement age of 66 in June. I now work part time and plan to continue for the foreseeable future. My wife will be 63 in June. She now works full time but plans to shift to part time in the near future. I prefer to delay applying for Social Security as long as possible. Should my wife wait until she is 66 to claim her benefits? Signed: Planning Ahead
Scaling Down (Almost) Painlessly
Moving to a smaller house or apartment in a retirement community almost always involves a certain degree of trauma, both for the elder who's moving and for family members. However, by planning ahead you can reduce the discomfort involved and turn what might well become a nightmare into a pleasant event.
Assisted Living Facilities - What Are They?
Assisted Living facilities are generally for person's 60 years of age and older. Typical candidates need assistance with "Activities of Daily Living" (ADLs), but wish to live as independently as possible.
Prepare to Make Long-term Care Choices
Several months ago, I was coming out of a gas station when a woman stopped me and asked me what I did for a living. On the back of our van is our web address.
The Truth About Christmas
Every year, as Christmas approaches, you hear Christmas carols everywhere. Sometimes to the point where another Silent Night would make you want to silent the sound system.
Strategies on Paying for Nursing Home Care and Medicaid
The decision to place your loved one into a nursing home is anextremely difficult decision, often causing much guilt for thecaregiver. It is a very emotional decision for most clients we see andmost are under a certain amount of stress, often great, when facing whatthey consider to be a drastic course of action.
Prevent or Delay Alzheimers Disease
Argh! Where are my glasses? I put them down . .
Senior Living: 5 Ways to Help Reduce the Risk of Falling
Every year we hear stories of seniors falling, ending up in hospitals and never fully recovering. Unfortunately, these falls often result in death.
Advocate For Senior Citizens - Protecting Against Abuse and Fraud
Ruth is 87 years old this year and has been living alone since 1997. She is in good health, however the daily chores around the home became increasingly difficult.
Long Term-Care; 70 Million Americans Will Be Over 65 by 2003
We will all grow old; this is a given. We will all have health issues as we grow older, this also is a given.
5 Myths You Should Know Before Choosing Elder Care
Myths associated with selecting quality nursing home care suggest quick and easy ways to identify quality care. In fact, relying on these myths can lead to disastrous results.
When Assistance with Long Term Care Becomes Necessary
According to the Administration on Aging, it is estimated by 2030, the older population will more than double to approximately 71.5 million.
When the Box is Empty
The King had a modest kingdom. He was Danish.
>