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In 2009, nearly 51 million Americans received $650 billion in Social Security benefits. The effects of Social Security took decades to manifest themselves. In 1950, it was reported that as many as 40% of Americans over 65 were still employed in some capacity, but by 1980 that figure had dropped to less than 20%.
Women should understand that their Social Security will most likely be taxable in retirement. Unless your income in 2024 is under $25,000 (or $32,000 for joint filers), 50% to 85% of the benefits ...
During her retirement, Fuller collected a total of $22,888.92 (equivalent to $497,793 in 2023) in Social Security benefits. [14] [15] As monthly payments increased in the 1950s and 1960s, Fuller typically received the first check issued for the new amount, which was usually the subject of news reports. [16]
Under § 215 of the Social Security Act (42 USCS 415), old-age insurance benefits are computed on the basis of the wage earner's "average monthly wage" earned during his "benefit computation years," which are the "elapsed years" (reduced by five) during which his covered wages were highest.
Birth year. Full retirement age. 1943–1954. 66. 1955. 66 and 2 months. 1956. 66 and 4 months. 1957. 66 and 6 months. 1958. 66 and 8 months. 1959. 66 and 10 months. 1960 or later
"In essence, this money has been stolen from all of us for all these years," said an 84-year-old woman whose late husband's Social Security benefits were slashed. "It's not fair."
A factor working against wealthier individuals and in favor of the poor with little other retirement income is that Social Security benefits become subject to federal income tax based on income. The portion varies with income level, 50% at $32,000 rising to 85% at $44,000 for married couples in 2008.
On average, disabled workers receive about $1,540 a month in Social Security benefits and survivor benefits are about $1,509. ... Social Security for Men vs. Women at Every Retirement Age.