Greg: After the money comes out of your paycheck, it doesn’t go into an account with your name on it. No; it goes to somebody else who’s already retired. That’s how this works.
Holden: To collect Social Security retirement benefits, you need a minimum of 40 quarters of work, and a minimum of $1,200 in earnings in each of those quarters.
Barb: Some people who are divorced may not be aware of this: You can draw on your ex’s Social Security benefits. It won’t hurt his benefit or her benefit at all. There is a stipulation: You have to have been married for 10 years before this is available to you.
Sheyna: If you can, wait until you’re 70 to file for Social Security benefits. If you wait that long, you’ll get a bigger monthly paycheck, and if you live a very long time, you’ll make out like a bandit because you’ll get a big check every month.
Greg: Every year, we have fewer people working and more people retired. That raises questions about the whole future of Social Security.
Doug: Well, if there’s one thing we know about Social Security, it’s a hot button issue for politicians. And, face it: The program is going to change. If it does change, you can count on us to keep you informed.
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