Claim Social Security by 2020 Return: We’re going to be talking about Donald Trump Forwent Social Security Benefits Through 2020, Despite Eligibility. Now, that might sound like a mouthful of dry cornbread, but stick with me. This story is more than just about one man; it’s a lesson in how the system works and how you can make it work for you. It’s about knowing the path ahead so you can provide for your family and your future.
You see, when President Donald Trump’s tax returns for 2015 through 2020 were made public, they told a fascinating story. Buried in all those numbers was a simple fact: there was no income from Social Security. Even though he was old enough to start collecting his benefits way back in 2008 when he turned 62, he chose to let that money sit. This wasn’t an oversight or a mistake. It was a choice, a calculated financial decision that any American, including you, can make. It’s a bit like knowing a good foraging spot but letting the berries ripen on the vine a little longer to get the sweetest harvest.
The story of Donald Trump’s unclaimed Social Security is more than just political trivia; it’s a practical lesson in personal finance. It shows that the Social Security system has built-in flexibility that can be used strategically. By choosing to delay his benefits, he opted for larger monthly payments in the future and minimized his tax burden—a choice available to every American. His decision stands in contrast to others, like President Biden, who chose to take their benefits at full retirement age. Ultimately, there is no single “right” path. The wisest choice is the one made with clear eyes, good information, and a deep understanding of your own family’s needs and journey.
Claim Social Security by 2020 Return
| Highlight | Details |
|---|---|
| The Main Point | President Donald Trump, eligible for Social Security since 2008, had as of his 2020 tax return. |
| Why Wait? | Delaying Social Security past your full retirement age (up to age 70) increases your future monthly payment by about 8% per year. It’s aSS strategy to get a bigger payout later. |
| The Tax Angle | For high earners, taking Social Security while still working can mean that up to 85% of the benefits get taxed. Delaying can sometimes be a smart tax move. |
| How Do Other Leaders Compare? | President Joe Biden and First Lady Jill Biden started collecting their benefits in 2008. As of 2015, former President Bill Clinton and Hillary Clinton had also chosen to wait. |
| Your Takeaway | The decision of when to claim Social Security is personal and powerful. It depends on your health, finances, and future plans. |
| Official Resource | Plan your own journey by creating an account on the official Social Security Administration website. |
Why a Chief Might Not Take His Share… Yet
It’s natural to ask, “Why would anyone, especially a billionaire, turn down money?” That’s a fair question, my friend. When you’ve worked your whole life, paying into the system with every paycheck, that money is yours. It’s a promise kept between you and the nation. But the wisdom isn’t just in getting the money; it’s in when you get it. This is where we see the two trails emerge: the path of taking it early and the path of waiting. Mr. Trump chose the second path, and here’s why that can be a savvy move.
The Wisdom of Waiting: How Delaying Social Security Helps Your Pouch Grow
Think of your Social Security benefit like a crop you’ve planted. You can harvest it early, when it’s small but still good enough to feed you. Or, you can tend to it, let it soak up more sun and rain, and harvest it when it’s big and bountiful, providing much more for you and your kin. This is the core idea behind delaying your benefits.
The government gives you a powerful incentive to wait, called Delayed Retirement Credits (DRCs). Here’s how it works:
- Early Harvest (Age 62): You can start taking your benefits as early as age 62. But if you do, your monthly check will be permanently reduced. It’s a trade-off: you get money for more years, but less money each month.
- Full Harvest (Full Retirement Age): Your Full Retirement Age (FRA) is the age when you are entitled to 100% of your earned benefit. For folks born between 1943 and 1954, it’s 66. For those born in 1960 or later, it’s 67. You can find your exact FRA on the SSA website.
- Sweetest Harvest (Age 70): For every year you wait past your FRA, the government adds a bonus to your future monthly checks. This bonus is about 8% per year. If you wait until you turn 70, you’ll be getting the largest possible monthly check you can get. After 70, there’s no more bonus for waiting, so there’s no reason to delay any longer!
For someone like Donald Trump, who has other sources of income, letting his Social Security benefit grow was a no-brainer. It’s a guaranteed 8% annual return on his delayed benefits, which is better than you can safely get from most investments. That’s not just a rich man’s trick; that’s a smart financial strategy available to everyone.
The Tax Man’s Toll on the Trail
There’s another reason to wait, and it has to do with our old friend, the tax man. Not many people know this, but your Social Security benefits can be taxable. What? Yep, you heard that right. Whether your benefits are taxed depends on what the IRS calls your “provisional income.”
Basically, you add up your adjusted gross income (from your job, investments, etc.), any non-taxable interest, and half of your Social Security benefits for the year.
Here are the general rules for 2024 (they adjust over time):
- For an individual: If your provisional income is between $25,000 and $34,000, up to 50% of your Social Security may be taxable. If it’s over $34,000, up to 85% could be taxed.
- For a married couple filing jointly: If your income is between $32,000 and $44,000, up to 50% of your benefits could be taxed. Over $44,000, and up to 85% is on the table.
For a professional still earning a high salary or a business owner with significant income, this is a huge deal. For high earners, taking Social Security while still having significant income can lead to a portion of the benefits being taxed back by the government. By delaying, Mr. Trump avoided this tax hit on his Social Security during his high-income years.
Following Different Moccasin Tracks: How Other Leaders Approached Social Security
It’s wise to see how others have walked the path before making your own tracks. Donald Trump isn’t the only president who has had to make this decision.
President Joe Biden: Taking the Path Early
President Joe Biden and First Lady Dr. Jill Biden made a different choice. They started claiming their Social Security benefits in 2008. President Biden was born in 1942, so he reached his full retirement age in 2008. According to their publicly released tax returns, they have been receiving benefits ever since. This is the path most Americans take. When you hit retirement age and you’re ready to stop working, you claim the benefit you’ve earned. It’s a steady, reliable stream of income that millions of elders depend on.
The Clintons: Another Tale of Waiting
Like Trump, former President Bill Clinton and former Secretary of State Hillary Clinton also chose the path of patience. Bill Clinton became eligible for reduced benefits in 2008 and his full benefit in 2012. As of their 2015 tax returns, neither of them had claimed their benefits. This shows that the strategy of delaying isn’t tied to one political party; it’s a financial choice made by those who can afford to wait for a larger future payout.
Wisdom from a Past Elder: President George H.W. Bush
Looking even further back, President George H.W. Bush, who was eligible in 1986, had not claimed his benefits as of 1991, while he was still in office. This tells us that for a long time, leaders who have other means of support have often seen the wisdom in letting this particular pot sweeten.
Claim Social Security by 2020 Return: A Guide to Your Social Security Journey
Alright, so we’ve heard the stories of the chiefs. Now, let’s talk about you. How do you decide what’s best for you and your family? This isn’t about guesswork; it’s about making a plan with good information and a clear head.
Step 1: Know Your Seasons – When Can You Claim?
First things first, you need to know your key dates. The Social Security Administration has made this part easy.
- Age 62: The earliest you can claim. Remember, doing so means a smaller check for life.
- Your Full Retirement Age (FRA): This is the magic number for getting 100% of your benefit. For most people working today, it’s 67.
- Age 70: The age where your benefit stops growing. This is your maximum payout age.
Think of it like this, cousin: do you need the food now, or can you wait for a bigger meal later? There is no wrong answer, only the answer that is right for your life.
Step 2: Counting Your Harvest – How Much Will You Get?
Your Social Security benefit isn’t a random number. It’s calculated based on your 35 highest-earning years. The SSA takes your earnings, adjusts them for inflation, and plugs them into a formula. The best way to get a clear picture is to go straight to the source. You can create a my Social Security account on the official SSA website. It’s safe, secure, and it will give you a personalized estimate of your benefits at age 62, at your FRA, and at age 70. This is the most important step you can take. Don’t listen to rumors around the campfire; get the facts from the source.
Step 3: Reading the Signs – Should You Wait or Claim Now?
Once you know your numbers, it’s time to seek some wisdom. Sit down with your family and talk it over. Here are the signs to read:
- Your Health and Family Longevity: Be honest. Do you come from a long line of elders who lived into their 90s? If so, waiting for a bigger check could pay off handsomely over a long retirement. If your health is poor, taking the money sooner might make more sense.
- Your Current Need for the Money: Can you pay your bills without Social Security? If you’re still working or have other savings, you have the freedom to wait. If you need the income now, then claiming is the right choice.
- Are You Still Working? As we saw, working while collecting benefits can lead to taxes on those benefits. It can also temporarily reduce your benefit amount if you’re under your full retirement age.
- What About Your Spouse? Your decision can affect your spouse’s future. If you are the higher earner, waiting to claim can mean a larger survivor benefit for your spouse if you pass away first. This is a powerful way to provide for them long after you’ve walked on.
The Bigger Picture: A Strong Voice for Our Nation’s Elders
It’s important to remember that while a wealthy person like Donald Trump can afford to treat Social Security as an investment strategy, for millions of Americans, it is a lifeline. According to the National Institute on Retirement Security, Social Security lifts more than 16.1 million older Americans out of poverty. For many of our elders in Native communities and across the USA, that monthly check is what keeps the lights on and puts food on the table.
So, while we can learn from the financial strategies of leaders, we must also honor and protect the sacred promise of Social Security. It is a system built on the idea that we all contribute to a common pot to make sure our elders can live with dignity in their golden years. That’s a value we understand deep in our bones
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FAQ on Claim Social Security by 2020 Return
1. Why did Donald Trump wait to claim his Social Security benefits?
He waited for two main strategic reasons. First, by delaying past his full retirement age, his future monthly benefit amount increases significantly—by about 8% for each year he waits, up to age 70. Second, since he has other substantial income, claiming Social Security would have likely made those benefits taxable. Delaying avoids this tax hit.
2. How much more money do you get for delaying Social Security?
For every year you delay claiming benefits past your Full Retirement Age (FRA), your future monthly payment permanently increases by about 8%. If your FRA is 67 and you wait until age 70, your monthly check will be about 24% larger than it would have been at 67. This is a powerful incentive for those who can afford to wait.
3. Is it common for former presidents or wealthy individuals to delay benefits?
Yes, it’s a common financial strategy for those who don’t need the income immediately. As of 2015, former President Bill Clinton and Hillary Clinton had also not claimed their benefits, despite being eligible. President Joe Biden, however, chose to start receiving his benefits when he reached his full retirement age in 2008.
4. When can I claim my own Social Security benefits?
You have a window of time to make your choice:
- Age 62: The earliest you can claim, but your benefit will be permanently reduced.
- Full Retirement Age (FRA): This is 66 to 67, depending on your birth year. Claiming at your FRA gets you 100% of your earned benefit.
- Age 70: The latest you should wait. Claiming at 70 gives you the maximum possible monthly benefit, which includes all your delayed retirement credits.
5. Is it legal to not claim your Social Security benefits?
Absolutely. Claiming Social Security is a choice, not a requirement. You are free to delay your application until you are ready, up to age 70. The only thing you should do regardless is sign up for Medicare within three months of your 65th birthday to avoid potential premium penalties.
