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If you have a traditional job, you pay 6. That number is then matched by your employer. And when you retire, you'll be able to cash in and collect benefits based on all the years you paid those taxes. If you did have benefits withheld before reaching full retirement age due to work income, you can recoup them afterward.

When you hit full retirement age, Social Security bumps up your monthly benefit to make up, over time, for the withholding. Find the answers to the most common Social Security questions such as when to claim, how to maximize your retirement benefits and more.

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Our son is getting Social Security benefits based on my Need more information? Subscribe to Elder Law Updates. In addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.

Special rules apply for the home and other assets. Spouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished. Careful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children. There are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.

Most states have laws on the books making adult children responsible if their parents can't afford to take care of themselves. Applying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits. Medicare's coverage of nursing home care is quite limited.

For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid. Distinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes. Understand when and how a court appoints a guardian or conservator for an adult who becomes incapacitated, and how to avoid guardianship. Apply market research to generate audience insights.

Measure content performance. Develop and improve products. List of Partners vendors. Below is our summary of the Social Security changes that were announced in October and are set to take effect on Jan. The big news for is that nearly 70 million Social Security recipients will see reflected in their monthly benefits the largest cost-of-living adjustment COLA since Ronald Reagan's first term in office in If the CPI-W increases more than 0.

As we've seen, 's 5. In , employees were required to pay a 6. Any earnings above that amount were not subject to the tax. In , the tax rate remained the same at 6. The flip side is that as the taxable maximum income increases, so does the maximum amount of earnings used by the SSA to calculate retirement benefits. The absolute earliest that you can start claiming Social Security retirement benefits is age However, claiming before your full or normal retirement age will result in a permanently reduced payout.

Under current law, the retirement age for Social Security purposes is set to increase by two months each year until it hits If you turned 62 in , then your full retirement age is 66 and 10 months. Unless the law changes, anyone born in or later will not reach full retirement age until they are If you delay collecting Social Security past your full retirement age, then you can collect more than your full, or normal, payout. After age 70, there is no further incentive for delaying: Your monthly benefit stops increasing, with or without put-offs.

If you work while collecting Social Security benefits, then all or part of your benefits may be temporarily withheld , depending on how much you earn. However, those income limits have increased slightly for Once you reach full retirement age, no benefits will be withheld if you continue working.