MONEY GAME: Social Security Turns a Mighty 87 in 2022

Q: How much was the first Social Security payment for?

(ANSWER is at the end of this post.)

On August 14, 1935, the Social Security Act was signed into law making it turn 87 this August 2022. August might seem like a long way away from now, but time creeps up on you (ask any 87 year old). 

Social Security CONSUMER CHECKUP

At the end of each year, you should receive a statement from the Social Security Administration (SSA) summing up benefits for all your previous working years.

Check to make sure it is accurate and call 1-800-772-1213 (7am-7pm local time) if any earnings BEFORE last year’s earning are incorrect (you need to have your tax forms and W-2s in hand when you call). If last year’s payment is not correct, it is possible that not all payments have ebbn included, and you have to wait until NEXT year’s statement to question it.

If you worked for more than one employer or you had regular earnings AND self-employment income, your earnings are combined for the year.

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NOTE for Windfall Elimination Provision (WEP) and Government Pension Offset (GPO): If you receive a pension from employment from which you did not pay Social Security taxes but you qualify for your own SS retirement/disabilty benefit, your SS might be reduced by WEP. For GPO, if you receive a pension based on federal, state or local government work for which you did NOT pay SS taxes and you qualify for SS benefits as a current/former spouse, widow/widower, you might be affected by GPO. Your SS benefits could be reduced to zero. As always, doublecheck the IRS publication: IRS publication No. 05-100007.

You can retire as early as 62 and receive reduced rates, like Kathleen Casey-Kirschling, the nation’s first Baby Boomer, who in February 2008 made history as the first boomer to receive Social Security. Ms. Casey-Kirschling was born at one second after midnight on January 1, 1946.

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