Will Social Security Run Out Of Money? It’s a question on many minds, and at money-central.com, we’re here to provide clarity and solutions. Social Security might face challenges, but understanding the facts and planning ahead can empower you to secure your financial future; we aim to arm you with the knowledge needed to navigate these concerns confidently. Explore our resources for retirement planning, investment strategies, and financial security tips.
1. What Is Social Security and How Does It Work?
Social Security is a U.S. federal program that provides financial assistance to retirees, disabled individuals, and survivors of deceased workers. It operates through payroll taxes collected from workers and employers, which are then used to fund benefits for current recipients.
Social Security is a cornerstone of retirement planning for millions of Americans, but understanding how it works is essential. Here’s a breakdown:
- Funding: Social Security is primarily funded through Federal Insurance Contributions Act (FICA) taxes, which are deducted from workers’ paychecks. Employers also contribute a matching amount.
- Benefits: These taxes go into trust funds, which are used to pay out retirement, disability, and survivor benefits. The amount of your benefit is based on your earnings history.
- Eligibility: To be eligible for retirement benefits, you typically need to have worked for at least 10 years (40 credits) in jobs covered by Social Security.
- Full Retirement Age: The age at which you can receive your full Social Security benefit depends on the year you were born. For those born between 1943 and 1954, it’s 66. For those born after 1954, it gradually increases to 67.
- Early or Delayed Retirement: You can start receiving benefits as early as age 62, but your benefit will be reduced. Delaying retirement past your full retirement age can increase your benefit.
- Cost-of-Living Adjustments (COLAs): Social Security benefits are adjusted annually to account for inflation, helping to maintain their purchasing power.
- Taxation: Depending on your income, a portion of your Social Security benefits may be subject to federal income tax.
Social Security is a vital safety net, but relying solely on it for retirement income isn’t advisable. Supplementing it with savings, investments, and other retirement plans is crucial for a comfortable future.
2. Is Social Security Really Going Bankrupt?
No, Social Security is not going bankrupt, but it is facing financial challenges. The program is projected to be able to pay scheduled benefits in full for several years. However, after that, it may only be able to pay a percentage of scheduled benefits if changes are not made.
The financial health of Social Security is a topic of concern for many Americans. Let’s clarify the situation:
- Trust Fund Depletion: The Social Security Administration (SSA) releases annual reports on the financial status of the program. These reports project when the trust funds that support Social Security will be depleted.
- Continued Revenue: Even if the trust funds are depleted, Social Security will not run out of money entirely. Payroll taxes will continue to be collected, providing ongoing revenue.
- Benefit Reductions: If Congress doesn’t take action to address the funding shortfall, benefits may be reduced to match the available revenue.
- Possible Solutions: Lawmakers are considering various options to strengthen Social Security, such as raising the retirement age, increasing payroll taxes, or adjusting the benefit formula.
According to a recent study by the Social Security Trustees, by 2035, even if the fund were depleted, Social Security would still be able to pay 83 percent of scheduled benefits from the incoming payroll tax portion of the fund. In 2098, it would still be able to cover 73 percent of scheduled benefits.
It’s important to stay informed about the latest projections and potential changes to Social Security. While the program faces challenges, it is highly unlikely to disappear entirely.
3. What Factors Contribute to Social Security’s Financial Issues?
Several factors contribute to Social Security’s financial challenges, including:
- Aging Population: As the baby boomer generation retires, there are more beneficiaries drawing benefits and fewer workers paying into the system.
- Increased Life Expectancy: People are living longer, which means they receive benefits for a longer period of time.
- Low Birth Rates: Lower birth rates mean fewer workers will be available to support the system in the future.
- Economic Conditions: Economic downturns can reduce payroll tax revenue, putting additional strain on the system.
These demographic and economic trends have created a long-term funding gap for Social Security. Addressing these challenges will require careful consideration of various policy options.
4. What Are the Potential Solutions to Save Social Security?
There are several potential solutions that policymakers could implement to strengthen Social Security, including:
- Raising the Retirement Age: Increasing the age at which people can claim full or early retirement benefits.
- Increasing Payroll Taxes: Raising the payroll tax rate or increasing the amount of earnings subject to the tax.
- Adjusting the Benefit Formula: Modifying the formula used to calculate benefits, potentially reducing benefits for some or all recipients.
- Investing the Trust Fund More Aggressively: Changing the investment strategy of the trust fund to generate higher returns.
- Means Testing: Limiting benefits for higher-income individuals.
Each of these solutions has its own set of advantages and disadvantages, and the ultimate solution may involve a combination of approaches. According to research from New York University’s Stern School of Business, a combination of small adjustments is the most politically viable solution.
5. How Would Raising the Retirement Age Affect Me?
Raising the retirement age means you would need to wait longer to start receiving your full Social Security benefits. This could impact your retirement plans, especially if you were counting on receiving benefits at a certain age.
If the retirement age is raised, here’s how it might affect you:
- Delayed Benefits: You would need to work longer or find alternative sources of income to cover your expenses until you reach the new retirement age.
- Reduced Early Retirement Benefits: If you choose to retire before the new full retirement age, your benefits would be reduced even further.
- Impact on Low-Income Workers: Raising the retirement age could disproportionately affect low-income workers who may have physically demanding jobs and limited savings.
It’s essential to consider how a higher retirement age would impact your individual circumstances and adjust your retirement plans accordingly.
6. What Happens if Payroll Taxes Are Increased?
Increasing payroll taxes would mean that workers and employers would pay a higher percentage of their earnings into Social Security. This could help shore up the program’s finances but could also reduce workers’ take-home pay.
Here’s a closer look at the potential impacts of raising payroll taxes:
- Increased Revenue: Higher payroll taxes would generate more revenue for Social Security, helping to close the funding gap.
- Reduced Take-Home Pay: Workers would have less money in their paychecks, which could impact their ability to save and spend.
- Impact on Businesses: Employers would face higher labor costs, which could lead to reduced hiring or lower wages.
- Economic Effects: Some economists argue that higher payroll taxes could dampen economic growth.
The decision to increase payroll taxes would involve weighing the benefits of a more secure Social Security system against the potential economic costs.
7. How Could Adjusting the Benefit Formula Impact Retirees?
Adjusting the benefit formula could change the amount of Social Security benefits that retirees receive. This could involve reducing benefits for future retirees, changing the way cost-of-living adjustments are calculated, or implementing other modifications.
Here’s a breakdown of how changes to the benefit formula could impact retirees:
- Reduced Benefits: Future retirees might receive lower benefits than they would under the current formula.
- Changes to COLAs: Adjustments to the way cost-of-living adjustments (COLAs) are calculated could impact the purchasing power of benefits over time.
- Impact on Different Income Groups: Changes to the benefit formula could disproportionately affect certain income groups, such as high-income earners or low-income earners.
Any changes to the benefit formula would likely be phased in gradually to minimize the impact on current retirees.
8. What Is the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)?
The Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) are rules that can reduce Social Security benefits for individuals who also receive pensions from government jobs or other employment not covered by Social Security.
- Windfall Elimination Provision (WEP): This provision affects individuals who worked in jobs not covered by Social Security and also receive Social Security benefits based on other covered employment. WEP can reduce their Social Security benefits.
- Government Pension Offset (GPO): This provision affects spouses and widow(er)s who receive government pensions based on their own work not covered by Social Security. GPO can reduce their Social Security spousal or survivor benefits.
The Social Security Fairness Act, signed into law on January 5, 2025, effectively repeals the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) rules.
These provisions were intended to prevent individuals from receiving double benefits, but they have been criticized for unfairly penalizing certain workers.
9. How Can I Estimate My Future Social Security Benefits?
You can estimate your future Social Security benefits by using the Social Security Administration’s (SSA) online tools or by creating a my Social Security account. These resources can provide personalized estimates based on your earnings history.
Here’s how to estimate your future Social Security benefits:
- my Social Security Account: Create a my Social Security account on the SSA website to view your earnings record and estimate your future benefits.
- Social Security Benefit Calculators: Use the SSA’s online calculators to estimate your benefits based on different retirement ages and scenarios.
- Consult a Financial Advisor: A financial advisor can help you create a comprehensive retirement plan that includes Social Security benefits, savings, and investments.
Estimating your future benefits is an essential step in retirement planning. It allows you to make informed decisions about your savings and investment strategies.
10. What Steps Can I Take Now to Prepare for Retirement?
There are several steps you can take now to prepare for retirement, including:
- Saving Early and Often: Start saving for retirement as early as possible and contribute regularly to your retirement accounts.
- Diversifying Your Investments: Diversify your investments to reduce risk and increase potential returns.
- Creating a Budget: Create a budget to track your income and expenses and identify areas where you can save more.
- Paying Down Debt: Pay down high-interest debt to free up more money for savings.
- Consulting a Financial Advisor: A financial advisor can help you create a personalized retirement plan that meets your needs and goals.
Preparing for retirement is a long-term process that requires careful planning and discipline. By taking these steps now, you can increase your chances of a secure and comfortable retirement.
11. How Does Inflation Affect Social Security Benefits?
Inflation erodes the purchasing power of Social Security benefits over time. To address this, Social Security benefits are adjusted annually through cost-of-living adjustments (COLAs).
- Cost-of-Living Adjustments (COLAs): COLAs are designed to help Social Security benefits keep pace with inflation. The annual COLA is based on the Consumer Price Index for Wage Earners and Clerical Workers (CPI-W).
- Impact on Purchasing Power: While COLAs help maintain the purchasing power of benefits, they may not always fully offset the effects of inflation.
- Potential Changes to COLA Calculation: Some policymakers have proposed changing the way COLAs are calculated, which could impact the amount of the annual adjustment.
It’s important to understand how inflation can affect your Social Security benefits and factor this into your retirement planning.
12. What Role Does Congress Play in Social Security’s Future?
Congress plays a crucial role in Social Security’s future. It is responsible for making any necessary changes to the program to ensure its long-term solvency.
- Legislative Authority: Congress has the authority to raise the retirement age, increase payroll taxes, adjust the benefit formula, or implement other reforms.
- Political Considerations: Any changes to Social Security are likely to be politically sensitive, as they can impact millions of Americans.
- Bipartisan Solutions: Finding bipartisan solutions to address Social Security’s challenges is essential for ensuring the program’s long-term sustainability.
The decisions that Congress makes in the coming years will have a significant impact on the future of Social Security.
13. What Are the Different Proposals for Fixing Social Security?
There are numerous proposals for fixing Social Security, each with its own set of advantages and disadvantages. Some of the most common proposals include:
- Raising the Retirement Age: Gradually increasing the age at which individuals can claim full or early retirement benefits.
- Increasing Payroll Taxes: Raising the payroll tax rate or increasing the amount of earnings subject to the tax.
- Adjusting the Benefit Formula: Modifying the formula used to calculate benefits, potentially reducing benefits for some or all recipients.
- Investing the Trust Fund More Aggressively: Changing the investment strategy of the trust fund to generate higher returns.
- Means Testing: Limiting benefits for higher-income individuals.
- Progressive Indexing: Adjusting the formula to grow more slowly for higher earners, and more quickly for lower-income workers.
The best approach may involve a combination of these and other strategies.
14. How Does Social Security Affect Women Differently Than Men?
Social Security affects women differently than men due to factors such as longer life expectancies, lower lifetime earnings, and greater likelihood of taking time out of the workforce to care for children or other family members.
Here’s how Social Security can impact women differently:
- Longer Life Expectancies: Women tend to live longer than men, which means they may rely on Social Security benefits for a longer period of time.
- Lower Lifetime Earnings: Women, on average, earn less than men over their lifetimes, which can result in lower Social Security benefits.
- Caregiving Responsibilities: Women are more likely to take time out of the workforce to care for children or other family members, which can reduce their lifetime earnings and Social Security benefits.
- Divorce: Divorce can impact women’s Social Security benefits, especially if they were married for less than 10 years.
It’s important for women to understand how these factors can affect their Social Security benefits and plan accordingly.
15. Can I Collect Social Security Benefits While Still Working?
Yes, you can collect Social Security benefits while still working, but your benefits may be reduced if your earnings exceed certain limits.
- Earnings Limits: If you are under your full retirement age, your benefits may be reduced if your earnings exceed the annual earnings limit.
- Benefit Adjustments: For every $2 you earn above the limit, $1 will be deducted from your benefits.
- Full Retirement Age: Once you reach your full retirement age, you can collect Social Security benefits without any earnings restrictions.
It’s essential to understand the earnings limits and how they can affect your Social Security benefits if you plan to work while receiving benefits.
16. What Is the Future of Social Security for Millennials and Gen Z?
The future of Social Security for Millennials and Gen Z is uncertain, as the program faces long-term financial challenges. However, it is highly unlikely that Social Security will disappear entirely.
- Potential Benefit Reductions: Millennials and Gen Z may face benefit reductions or other changes to Social Security as policymakers work to address the program’s funding gap.
- Importance of Saving and Investing: It’s crucial for Millennials and Gen Z to save and invest for retirement to supplement their Social Security benefits.
- Staying Informed: Staying informed about the latest developments and potential changes to Social Security is essential for Millennials and Gen Z to plan for their financial futures.
While the future of Social Security is uncertain, it will likely remain an important source of retirement income for Millennials and Gen Z.
17. How Can I Maximize My Social Security Benefits?
There are several strategies you can use to maximize your Social Security benefits, including:
- Working Longer: Working longer can increase your lifetime earnings and result in higher Social Security benefits.
- Delaying Retirement: Delaying retirement until age 70 can increase your benefits by as much as 24-32% compared to claiming at your full retirement age.
- Coordinating with Your Spouse: Coordinating your claiming strategy with your spouse can help maximize your household’s Social Security benefits.
- Reviewing Your Earnings Record: Reviewing your earnings record for accuracy can ensure that you receive the correct amount of benefits.
Maximizing your Social Security benefits can significantly impact your retirement income and financial security.
18. What Resources Are Available to Help Me Understand Social Security?
There are numerous resources available to help you understand Social Security, including:
- Social Security Administration (SSA) Website: The SSA website provides comprehensive information about Social Security benefits, eligibility requirements, and claiming strategies.
- my Social Security Account: Create a my Social Security account to view your earnings record, estimate your future benefits, and manage your Social Security information.
- Financial Advisors: A financial advisor can provide personalized guidance and help you create a retirement plan that includes Social Security benefits, savings, and investments.
- Books and Articles: Numerous books and articles provide information about Social Security and retirement planning.
Taking advantage of these resources can help you make informed decisions about your Social Security benefits and retirement planning.
19. How to Factor Social Security Into Financial Planning?
Factoring Social Security into your financial planning is crucial for creating a comprehensive retirement strategy.
- Estimate Your Benefits: Use the SSA’s online tools or consult a financial advisor to estimate your future Social Security benefits.
- Determine Retirement Needs: Determine how much income you will need in retirement to cover your expenses and maintain your desired lifestyle.
- Assess Savings and Investments: Assess your savings and investments to determine how much additional income you will need to supplement your Social Security benefits.
- Create a Retirement Plan: Create a retirement plan that includes Social Security benefits, savings, investments, and other sources of income.
- Review and Adjust Regularly: Review and adjust your retirement plan regularly to account for changes in your circumstances, such as changes in your income, expenses, or investment returns.
Financial planning can help alleviate some of these worries by providing clarity and by making sure your Social Security benefits are appropriately accounted for in your long-term financial strategy.
20. What Is the Role of a Financial Advisor in Social Security Planning?
A financial advisor can play a valuable role in Social Security planning by providing personalized guidance and helping you make informed decisions about your benefits.
- Benefit Optimization: A financial advisor can help you optimize your Social Security claiming strategy to maximize your benefits.
- Retirement Planning: A financial advisor can help you create a comprehensive retirement plan that includes Social Security benefits, savings, and investments.
- Financial Education: A financial advisor can provide financial education and help you understand the complexities of Social Security and retirement planning.
- Ongoing Support: A financial advisor can provide ongoing support and guidance as you navigate your retirement journey.
Consulting a financial advisor can help you make the most of your Social Security benefits and achieve your retirement goals.
21. What Are Some Common Misconceptions About Social Security?
There are several common misconceptions about Social Security, including:
- Social Security Is Going Bankrupt: Social Security is not going bankrupt, but it is facing financial challenges. The program is projected to be able to pay scheduled benefits in full for several years, but after that, it may only be able to pay a percentage of scheduled benefits if changes are not made.
- Social Security Is a Savings Account: Social Security is not a savings account. It is a social insurance program that provides benefits to retirees, disabled individuals, and survivors of deceased workers.
- Social Security Benefits Are Tax-Free: Social Security benefits may be subject to federal income tax, depending on your income.
- Everyone Receives the Same Amount of Benefits: Social Security benefits are based on your earnings history, so individuals with higher lifetime earnings will receive higher benefits.
Understanding these common misconceptions can help you make informed decisions about your Social Security benefits and retirement planning.
A person using a calculator and reviewing financial documents, emphasizing the importance of financial planning
22. What Is the Impact of Divorce on Social Security Benefits?
Divorce can impact your Social Security benefits, especially if you were married for at least 10 years.
- Divorced Spouse Benefits: If you were married for at least 10 years and are not currently married, you may be eligible to receive Social Security benefits based on your ex-spouse’s earnings record.
- Benefit Amount: The amount of your divorced spouse benefit can be up to 50% of your ex-spouse’s primary insurance amount (PIA), even if they remarry.
- Ex-Spouse’s Claiming Status: You can receive divorced spouse benefits even if your ex-spouse has not yet claimed their own Social Security benefits, as long as they are eligible to receive them.
Understanding how divorce can impact your Social Security benefits is essential for retirement planning.
23. How Does Self-Employment Affect Social Security Taxes and Benefits?
Self-employment affects Social Security taxes and benefits because self-employed individuals are responsible for paying both the employer and employee portions of the Social Security and Medicare taxes.
- Self-Employment Tax: Self-employed individuals pay self-employment tax, which is equivalent to the combined employer and employee portions of the Social Security and Medicare taxes.
- Tax Deduction: Self-employed individuals can deduct one-half of their self-employment tax from their gross income.
- Benefit Calculation: Social Security benefits for self-employed individuals are calculated based on their earnings history, just like benefits for employees.
It’s important for self-employed individuals to understand their Social Security tax obligations and how their earnings history will impact their future benefits.
24. Can Non-Citizens Receive Social Security Benefits?
Non-citizens can receive Social Security benefits if they meet certain eligibility requirements, such as having a valid Social Security number and meeting residency requirements.
- Eligibility Requirements: Non-citizens must have a valid Social Security number and meet certain residency requirements to be eligible for Social Security benefits.
- Work History: Non-citizens must have a sufficient work history in the United States to qualify for benefits.
- Treaty Agreements: The United States has treaty agreements with some countries that allow citizens of those countries to receive Social Security benefits even if they do not meet the standard eligibility requirements.
Understanding the eligibility requirements for non-citizens is essential for those who have worked in the United States and are planning for retirement.
25. How Does Social Security Work With Other Retirement Savings?
Social Security is just one component of a comprehensive retirement plan. It’s essential to coordinate Social Security with other retirement savings, such as 401(k)s, IRAs, and pensions.
- Retirement Income Sources: Social Security, 401(k)s, IRAs, and pensions can all provide income in retirement.
- Tax Planning: Coordinating these income sources can help minimize your tax liability in retirement.
- Asset Allocation: Asset allocation strategies can help you manage your investments and generate income in retirement.
- Financial Planning: Financial planning can help you create a retirement plan that coordinates all of your income sources and ensures that you have enough money to meet your needs and goals.
Integrating Social Security with other retirement savings is crucial for creating a secure and comfortable retirement.
26. What Are the Key Terms to Understand About Social Security?
Understanding key terms related to Social Security is essential for making informed decisions about your benefits. Some of the most important terms include:
- Primary Insurance Amount (PIA): The basic benefit amount you are eligible to receive at your full retirement age.
- Full Retirement Age (FRA): The age at which you can receive your full Social Security benefit.
- Early Retirement Age: The age at which you can start receiving reduced Social Security benefits (age 62).
- Delayed Retirement Credits: Credits you earn for delaying retirement past your full retirement age, which increase your benefits.
- Cost-of-Living Adjustment (COLA): An annual adjustment to Social Security benefits to account for inflation.
- Windfall Elimination Provision (WEP): A provision that can reduce Social Security benefits for individuals who also receive pensions from government jobs or other employment not covered by Social Security.
- Government Pension Offset (GPO): A provision that can reduce Social Security spousal or survivor benefits for individuals who receive government pensions based on their own work not covered by Social Security.
Familiarizing yourself with these key terms can help you navigate the complexities of Social Security.
27. What Are the Biggest Risks to Social Security’s Future?
The biggest risks to Social Security’s future include:
- Demographic Trends: Aging population, increased life expectancy, and low birth rates.
- Economic Downturns: Economic downturns can reduce payroll tax revenue and put additional strain on the system.
- Political Gridlock: Political gridlock can make it difficult to implement necessary reforms to Social Security.
- Unexpected Events: Unexpected events, such as pandemics or major economic crises, can also impact Social Security’s finances.
Addressing these risks will require careful planning and proactive policy decisions.
28. How Can I Advocate for Social Security’s Future?
You can advocate for Social Security’s future by:
- Staying Informed: Stay informed about the latest developments and potential changes to Social Security.
- Contacting Your Representatives: Contact your elected officials to express your views on Social Security and urge them to take action to strengthen the program.
- Joining Advocacy Groups: Join advocacy groups that support Social Security and work to protect and expand benefits.
- Voting: Vote for candidates who support Social Security and are committed to ensuring its long-term solvency.
- Spreading Awareness: Spread awareness about the importance of Social Security and the challenges it faces.
By taking these steps, you can help ensure that Social Security remains a vital safety net for future generations.
29. What Are the Alternatives to Social Security for Retirement Income?
While Social Security is an important source of retirement income, it’s essential to have other sources of income as well. Some alternatives to Social Security include:
- 401(k)s: Employer-sponsored retirement savings plans.
- IRAs: Individual retirement accounts.
- Pensions: Employer-sponsored defined benefit plans.
- Savings and Investments: Personal savings and investments.
- Annuities: Insurance contracts that provide a stream of income in retirement.
- Real Estate: Rental income from real estate investments.
- Part-Time Work: Income from part-time work in retirement.
Diversifying your retirement income sources can help you achieve a more secure and comfortable retirement.
30. Why is It Important to Stay Informed About Social Security?
Staying informed about Social Security is important because:
- Benefit Planning: It allows you to make informed decisions about your Social Security benefits and claiming strategies.
- Retirement Planning: It helps you create a comprehensive retirement plan that coordinates Social Security with other retirement savings.
- Financial Security: It contributes to your overall financial security in retirement.
- Advocacy: It enables you to advocate for Social Security’s future and ensure that it remains a vital safety net for future generations.
- Adapting to Changes: By staying informed, you can adapt to changes in Social Security policies and plan accordingly.
Staying informed about Social Security is an ongoing process that requires your attention and effort.
Navigating the complexities of Social Security can feel overwhelming, but you don’t have to do it alone. At money-central.com, we provide the resources, tools, and expert advice you need to confidently plan for your financial future. Explore our articles, use our calculators, and connect with financial advisors to create a personalized strategy that addresses your unique needs and goals. Take control of your retirement planning today – visit money-central.com and start building a secure tomorrow! Address: 44 West Fourth Street, New York, NY 10012, United States. Phone: +1 (212) 998-0000.
FAQ About Social Security
1. Will Social Security disappear completely?
No, it is highly unlikely that Social Security will disappear completely, even if the trust funds are depleted. Payroll taxes will continue to be collected, providing ongoing revenue.
2. What happens if Social Security runs out of money?
If Congress doesn’t take action to address the funding shortfall, benefits may be reduced to match the available revenue.
3. How can I estimate my future Social Security benefits?
You can estimate your future Social Security benefits by using the Social Security Administration’s (SSA) online tools or by creating a my Social Security account.
4. At what age can I start receiving Social Security benefits?
You can start receiving Social Security benefits as early as age 62, but your benefit will be reduced.
5. What is the full retirement age for Social Security?
The age at which you can receive your full Social Security benefit depends on the year you were born. For those born between 1943 and 1954, it’s 66. For those born after 1954, it gradually increases to 67.
6. Can I collect Social Security benefits while still working?
Yes, you can collect Social Security benefits while still working, but your benefits may be reduced if your earnings exceed certain limits.
7. How does inflation affect Social Security benefits?
Social Security benefits are adjusted annually through cost-of-living adjustments (COLAs) to help maintain their purchasing power in the face of inflation.
8. What is the Windfall Elimination Provision (WEP)?
The Windfall Elimination Provision (WEP) is a rule that can reduce Social Security benefits for individuals who also receive pensions from government jobs or other employment not covered by Social Security.
9. How does divorce affect Social Security benefits?
Divorce can impact your Social Security benefits, especially if you were married for at least 10 years. You may be eligible to receive benefits based on your ex-spouse’s earnings record.
10. How can I maximize my Social Security benefits?
You can maximize your Social Security benefits by working longer, delaying retirement, coordinating with your spouse, and reviewing your earnings record for accuracy.
