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How to Retire Rich When You Haven’t Started Saving Yet
Katie Brockman explains in this piece how personal savings is becoming the most important and critical piece to retirement. Pensions are going away. Social Security only replaces about 40% of pre-retirement income, and the program is facing insolvency. Never has it been more critical to start saving, no matter the age. Brockman notes a first step is to figure out where all your money is going to see where you can cut back. She suggests tracking your expenses and maintaining a budget. Delaying retirement is equally important, as Social Security monthly benefits are larger every month that one waits to start them after age 62 up to age 70. Read full 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.