A Year-End Look at Social Security and Its Complexity

National and international news service Report Door, in a post yesterday on their website, provides a comprehensive review of Social Security basics, oriented especially toward those reaching their full retirement age (FRA) over the next two years. From a timing perspective, the article provides a good refresher on the actual FRA and what it means to retirement cash flow, since 2021 marks the beginning of the gradual step-up in retirement ages for those born between 1955 and 1959. Titled “How Social Security Works After Retirement,” the post by Report Door’s Erin Clark defines in general terms the income replacement rate aspects of Social Security benefits, the process through which benefits are calculated and the implications of early or deferred filing, and tax issues that can affect the ultimate value of your benefits. Overall, a good summation of Social Security for those aging into eligibility. To read Ms. Clark’s post, click here…

Of particular note in Ms. Clark’s article is this line in the Key Takeaways at the beginning: “The process of applying for and calculating benefits can be complex.” As the remainder of her article hints, this is somewhat of an understatement, as she generally delves into the many areas that need to be considered when grappling with the decisions faced when approaching this critical senior benefit program. For this reason, the AMAC Foundation has carefully structured a service that can help seniors navigate what for many is an almost unfathomable array of decisions for which the details and implications need to be understood. This service, the AMAC Foundation’s Social Security Advisory Service, is offered free to the public, and features the availability of a staff of trained and accredited Advisors standing by to provide clarification and guidance to those approaching Social Security.

To learn more about the Social Security Advisory Service, click here to visit AMAC Foundation’s website. Since launching the service in 2016, the Foundation has served more than 14,000 Seniors in understanding this critical support system.


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