2 Social Security Rules We All Love to Hate

Finance

Whether we like it or not social security is a program which our country values a lot. Every month there are almost 63 million benefit checks which are issued.

More than a third of the recipients who get the checks are lifted out from poverty with these monthly pay-outs.
As much as the social security program is a lifesaver to many people it has its challenges. There are several rules in the program which most people hate and would like to see them wiped out from the program.

1. Taxing of Social Security Benefits (in specific income categories)

If there is a certain rule of social security program which is mostly hated by people is this one whereby the social security benefits are taxed.

Matter of fact a certain survey conducted by a non-profit organization in Washington, DC which was released in March 2017 showed that almost 91% of Americans would want this rule to be wiped out completely.

2. Being Subjected to Early Retirement Earning Tests

Another rule which is hated by filers is being subjected to retirements earning tests. The retirement earnings test can be described as an income limit for retired workers on their income who have decided to take their benefits before reaching the retirement age.

Retirement age is the age when you become fully entitled to receive 100% of your monthly pay out and is determined by the year in which you were born. If an early filer exceeds this limit, their benefits might be held by the social security administration.

Ufuoma Ogono

I am a full time writer with a first degree in sociology and a certification in freelance journalism. With more than three years experience, I cover worldwide news for various websites and I am currently a contributor to smartereum.com. I strive to connect the dots between the world of tech and start-ups, traditional industry, and the global economy. In my previous incarnations I have worked in investment banking and at the International Monetary Fund, so I also think and write a lot about economic policy issues and financial markets developments.I believe unbiased journalism is what builds a writer’s credibility so this is what I strive to achieve.

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