skip to main content
  • Login to Online Banking
  • Launch Site Menu
decorative colored dots Accounts
    Checking - Consumer
    • Checking Options
    • TotalCare Protection
    • Overdraft Protection
    • Try ClickSWITCH
    Checking - Business
    • Checking Accounts
    • Overdraft protection
    Savings Accounts Certificates & Money Markets Rates
Investments & Insurance
    Investing/Retirement Insurance Investing Login
Borrowing
    Auto & Motorcycle
    • Vehicle Loans Options
    • Today's Rates
    • Online Car buying Service
    Business
    • Business Loan Options
    • Business Loan Check-Up
    Credit Cards Home Loans
    • Home Loan Options
    • Buy My First Home
    • Buy My Next Home
    • Refinance My Home
    • Home Equity Loans
    • Home Improvement Loans
    • Track My Home's Value
    • Today's Home Loan Rates
    Personal & Niche
    • Personal Loan Options
    • Niche Loan Options
    • Consumer Loan Check-up
    • Today's Rates
    Student Loans & Lines NIH Fellows Advantage
    • NIH Fellows Advantage Program
    • NIH Fellows Check-Up
    Optional Protection Programs Get a Second Opinion
Digital Banking
    Online & Mobile Banking Mobile App Zelle My Credit Rx - Credit Monitoring Enroll in Digital Banking
Resources
    Membership
    • About
    • Become a Member
    • Become an @Work partner
    • Member testimonials
    • Leadership
    • Holiday Closures
    • Security & Privacy
    Member Referral Rewards Community Engagement Resources
    • How-To Guide
    • Fraud & Security Hub
    • Financial Check-Ups
    • Financial Wellness Center
    • Financial Webinars
    • Frequently Used Forms
    • In The News
    • My Credit Rx
    Careers Contact
Social
decorative colored dots

Accounts

Checking - Consumer
  • Checking Options
  • TotalCare Protection
  • Overdraft Protection
  • Try ClickSWITCH
Checking - Business
  • Checking Accounts
  • Overdraft protection
Savings Accounts Certificates & Money Markets Rates
decorative colored dots

Investments & Insurance

Investing/Retirement Insurance Investing Login
decorative colored dots

Borrowing

Auto & Motorcycle
  • Vehicle Loans Options
  • Today's Rates
  • Online Car buying Service
Business
  • Business Loan Options
  • Business Loan Check-Up
Credit Cards Home Loans
  • Home Loan Options
  • Buy My First Home
  • Buy My Next Home
  • Refinance My Home
  • Home Equity Loans
  • Home Improvement Loans
  • Track My Home's Value
  • Today's Home Loan Rates
Personal & Niche
  • Personal Loan Options
  • Niche Loan Options
  • Consumer Loan Check-up
  • Today's Rates
Student Loans & Lines NIH Fellows Advantage
  • NIH Fellows Advantage Program
  • NIH Fellows Check-Up
Optional Protection Programs Get a Second Opinion
decorative colored dots

Digital Banking

Online & Mobile Banking Mobile App Zelle My Credit Rx - Credit Monitoring Enroll in Digital Banking
decorative colored dots

Resources

Membership
  • About
  • Become a Member
  • Become an @Work partner
  • Member testimonials
  • Leadership
  • Holiday Closures
  • Security & Privacy
Member Referral Rewards Community Engagement Resources
  • How-To Guide
  • Fraud & Security Hub
  • Financial Check-Ups
  • Financial Wellness Center
  • Financial Webinars
  • Frequently Used Forms
  • In The News
  • My Credit Rx
Careers Contact Social
  • Search the NIHFCU Site
  • View Current Rates
  • Float right menu locate icon
  • Book and Appointment Icon.
  • Secrets Auto Dealers Don't Want You To Know

Spring Forward with These 8 Social Security Facts

Social Security is a valuable program that ensures retirees have a bit of guaranteed income to rely on in their golden years. However, many Americans don’t understand how it works. Thoroughly understanding the ins and outs of Social Security will ensure you’re able to take full advantage of your benefits and avoid leaving any money on the table. Here are 8 facts that you may not be aware of:

1) Social security benefits will not disappear. Many worry that there’ll be no Social Security benefits available by the time they retire. While there’s some conflicting information out there as to when fund reserves will be depleted, Social Security is largely made up of payroll taxes, which will continue to be collected for the foreseeable future. And, if the fund does end up depreciated, recipients will still receive a portion of their benefits.

2) Social Security isn’t enough to live on during retirement. Data shows Social Security benefits will only replace about 40% of pre-retirement earnings. However, they are valuable and you’ll want to do whatever you can to maximize them. The more you invest in a retirement plan, such as a 401(k) or IRA, the more flexibility you’ll have in managing your retirement costs, because you’ll have more sources of income.

3) Benefits are based on your highest 35 years of earnings. Are you worried that several years on a lower salary will negatively impact how much you receive in Social Security benefits? The good news is that the formula for calculating your benefit is based on your 35 highest-earning years, as well as the age you begin taking Social Security.

4) You will receive greater Social Security benefits if you wait. The longer you wait to take Social Security, the more money you’ll receive. You can claim these benefits as early as age 62, for a reduced benefit. Waiting until your full retirement age means you’re entitled to 108% of the monthly benefit. If you choose to delay your retirement until age 70, you’ll get 132% of the monthly benefit.

5) Your ex-spouse may also receive benefits. According to the SSA, your ex-spouse may receive benefits if the marriage lasted for 10 years or longer, your ex-spouse is unmarried, your ex-spouse is age 62 or older and you are entitled to Social Security retirement or disability benefits.

6) Some of your benefits may be withheld. If you claim your benefits before reaching full retirement age, are still working, and make more than the yearly earnings limit, some of your Social Security benefits may be withheld. The cap is $22,320 for 2024, and you would lose $1 in benefits for every $2 in earnings above the max if you are under full retirement age. You don’t really lose the benefit, though. You just won’t receive it while you are below full retirement age. But, as soon as you hit that age, Social Security will recalculate and give you credit for those dollars.

7) You can undo a Social Security benefits claim decision. You can undo a Social Security benefits claim decision within 12 months of initially claiming benefits. If you decided to claim your benefits and then realized you should have waited, the Social Security Administration allows you to withdraw your application for a one-time do-over. For example, you may regret the timing of when you decided to take Social Security benefits. Or, you could decide to take on a part-time job and no longer need the extra income..

8) You may have to pay taxes on Social Security benefits. Taxes may apply to Social Security benefits based on total income. For single filers earning between $25,000 and $34,000, up to 50% may be taxable; over $34,000, up to 85% may be taxable. Joint filers with a combined income of $32,000 to $44,000 may have up to 50% taxable, while over $44,000, up to 85% may be taxable.

There are many strategies to maximize your social security benefits. Talk to someone on the NIHFCU Wealth Advisors team — they’re dedicated to making a financial planning and investing experience both rewarding and satisfying.


Resource: Newsbreak.com


The material presented here is for educational purposes only and is not intended to be used as financial, investment, tax or legal advice. NIHFCU does not provide tax or legal advice. Speak to your advisor.
×

You are now leaving the NIHFCU website

Although NIHFCU reviews all external weblinks placed on our site, the credit union is not responsible for the content of any third-party website. By following this link, you agree that you are leaving nihfcu.org and understand that the third party who manages this site is solely responsible for its privacy policy, any products or services it offers and the content they publish. If you do not wish to proceed, click "Cancel" below to stay on the NIH Federal Credit Union web site.

The HomeAdvantage program is offered by a third party that is not affiliated with NIHFCU. NIHFCU is not responsible for any services provided in connection with the HomeAdvantage program.

close modal icon

Welcome!

Enjoy our new homepage experience.

Close

Notice

Please be advised that third party cash transactions (via services such as Venmo, Cash App, etc.) may not be disputed through NIHFCU. You must contact the service directly.

Contact Information

NIH Federal Credit Union
PO Box 6475
Rockville, MD 20849-6475

1-800-877-6440 Telephone Icon (TTY 711)

Send an Email

More Contact Information

Follow Us:

Legal Information

Disclosures

Accessibility

Privacy Policy

NIHFCU NMLS #803678

Routing# 255076944

APR = Annual Percentage Rate

APY = Annual Percentage Yield

NCUA – Your savings are federally insured to at least $250,000 and backed by the full faith and credit of the United States Government.

EHO – We do business in accordance with the Fair Housing Act and Equal Credit Opportunity Act.

NCUA Logo Equal Housing Opportunity Logo

© 2025 NIH Federal Credit Union