Four Social Security Myths That Need to Die
Social Security is an important federal program for everyone who contributes and/or receives benefits. Yet, as Kailey Fralick writes in this piece, misconceptions still abound. Four in particular are these, all of which are incorrect: First, you get your full Social Security benefit at age 65. Second, Social Security is disappearing. Third, Social Security will cover all of your expenses in retirement. Fourth, Social Security benefits are tax-free. Fralick explains that full retirement age has gone up, the program is not going anywhere despite long term funding problems, the program has never been intended to be a sole source of retirement income, and some benefits after a certain threshold are indeed subject to income tax. Read the 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.