Social Security Changes Mean Seniors Should Prepare, Agrees Tampa Social Security Attorney
Tampa, FL (Law Firm Newswire) October 1, 2012 – One of the hottest topics for not just seniors but for workers across the U.S. is the security of Social Security benefits and the potential upcoming reform to the system.
The Social Security Administration has announced that the fund will eventually be drained; the Administrations’ most recent forecast estimates that Social Security will be unsustainable by 2033, unless it is radically changed. The founder of Social Security Solutions, William Meyer, states that Social Security must change, and that predictions on when changes are implemented, and whom will be impacted are key questions. The system needs to be examined both for current retirement ages and current payout rates, and seniors should work with someone who knows the system.
“If you are over 55 or facing retirement,” agrees Tampa social security lawyer David W. Magann, “Now is the time to work with an experienced social security attorney to decide on your claiming strategy.”
According to the 2012 Trustees Report, as of 2011, Social Security had a $70 billion surplus, with growing reserves to some $3 trillion by the time the fund reaches 2020. But, with a rapidly aging population, reserves will be drawn down in order to pay all benefits. While Social Security payouts will stay solvent until or near 2033, the system will eventually have shortfalls if not altered within the next 20 years. Workers’ revenue will cover roughly 75% of the promised benefit payouts under the current system.
While there are a number of potential plans currently being examined to determine what would best help update the Social Security payout system, none of them have yet been implemented.
There are some steps prospective retirees can take to maximize their eventual benefit payouts, says Mayer, including delaying their retirement until 67 and not claiming their benefits too early. According to Mayer, more than 70% of people in the U.S. who claim benefits, do so at an earlier age, when they can gain far more beneficial payouts if they build a strategy which includes delaying when they start their claim.
The maximum benefit someone can receive caps out at $2,500, while the average payment, as of 2012, is $1,230 a month. With that cap, Mayers suggests that smart investing and financial planning is the best way to maximize the benefits.
Magann has been practicing social security law for 14 years and recently completed his 1,400th hearing. Magann is a Marine Corps Veteran who earned his law degree at the University of Miami, and has a criminology degree from the University of South Florida.
David W. Magann, P.A.
156 W. Robertson St.
Brandon, FL 33511
Call: (813) 657-9175
6107 Memorial Hwy
Tampa, Florida 33615
South Tampa Office:
Bank of Tampa Building
601 Bayshore Blvd Ste 105
Tampa, FL 33606
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