3 Social Security Surprises That Aren’t the Pleasant Kind
Maurie Backman notes some surprises with Social Security are good, such as receiving an 8% per year return on delaying benefits from full retirement age 966-67) to age 70. But three surprises to people are not pleasant. The are: 1.) Benefits have limited buying power, as they fail to replace previous paychecks in full. 2.) Benefits are subject to federal income taxes and income tax in 13 states as well. 3.) Benefits can be withheld if you work and earn too much. Full explanation of each in the article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.