4 Unexpected Ways You Could Lose Social Security Benefits
What you get for Social Security is based on what you put in– there’s a formula that uses one’s 35 highest years of work. But Katie Brockman notes there are some situations where one could lose some of that. Forewarned is forearmed. They are: 1.) state income taxes — 12 states tax benefits; 2.) federal income tax — cross the thresholds, which have never been updated for inflation, and you owe tax; 3.) unpaid debt — a portion of benefits can be garnished; and 4.) earning too much before hitting full retirement age (now 67). Full piece 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.