Alternative Approaches to Planning Your Social Security Benefits
There has been quite a bit of publicity in the popular press about the impending Social Security Trust Fund shortfall and the ominous impacts on retirees in the not-too-distant future, and a host of experts have weighed in on ways to overcome the problem. In fact, the 2016 Social Security Trustees Report contains a summary statement that “Lawmakers have a broad continuum of policy options that would close or reduce Social Security’s long-term financing shortfall,” and points readers to a database of over a hundred proposals and options affecting Trust Fund financing, many of which are aimed at addressing the long-range solvency issue. AMAC, likewise, has crafted a proposed legislative framework designed to ensure Social Security’s solvency without increasing taxes, and is advocating for its consideration in Washington.
In the meantime, as the various options and proposals are considered, what can future retirees do to help themselves prepare for the future of Social Security? Sean Williams, in an article posted on host.madison.com, takes a look at some “unconventional” steps that can be taken to maximize benefits under existing law, ranging from the simple “do over” strategy to the stretching of household income via application of children’s benefits. Access his article here…
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