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Be Smart About Your Social Security Benefits - Yahoo! Finance

Let’s face it – Social Security was never meant to be your sole source of income in retirement. In reality, Social Security provides only about 40% of what you’ll need to retire comfortably, so having an additional source of income is important, but so is making the most out of your potential Social Security benefit. And that requires understanding how the program works and how it interacts with other government agencies you’ll deal with in retirement. For example, most people over age 65 will enroll in Medicare, and the Medicare Part B premium comes out of your Social Security payment, so plan accordingly. Also, at least a portion of your Social Security benefits may become taxable income, so knowing the IRS rules regarding taxation of Social Security benefits is important as well. As this GOBankingRates article by Cynthia Measom (appearing at Yahoo! Finance) explains, there are some key signs that you may be mishandling your Social Security benefits. Click here to read about those key signs.

Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…

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