Headlines
Social Security Benefits Increase in 2022
(October 13, 2021 • By Darlynda Bogle, Acting Deputy Commissioner for Communications) Approximately 70 million Americans will see a 5.9% increase in their Social Security benefits and Supplemental Security Income (SSI) payments in 2022. Federal benefit rates increase when the…
Celebrating National Financial Planning Month by reassessing your finances
Are you struggling with financial matters? If so, you are not alone. According to a recent survey by Capital One and The Decision Lab, more than three in four Americans report feeling anxious about their financial situation. Financial worries include…
Columbus Day Observed Today
AMAC Foundation employees are off this day and thus Social Security Report will return tomorrow with our regular content.
How the IRS taxes Social Security
“Nothing is certain but death and taxes. ”Yes, despite paying taxes your whole working life, your Social Security benefits remain taxable as long as you live. However, the amount of taxes you may owe on those benefits depends on several…
“Government Shutdown” Won’t Affect Social Security Payments
With all the headlines screaming about a possible Government shutdown because of the debt ceiling, many are using scare tactics to further their political agenda suggesting that Social Security benefits won’t be paid if the Government actually does shut down.…
More Alarm Bells on Social Security
It’s not like we haven’t been ringing the bell for a long time. In fact, our headline postings on this site have addressed Social Security’s growing solvency issue a dozen times in just the past month. And today, we’re covering yet…
Potential Fixes to Social Security’s Financial Woes
It’s pretty well known by now that Social Security is facing some financial issues in the not-too-distant future unless Congress acts soon to resolve those issues. Much has been written about the potential impact if the Trust Fund reserves are…
The Insidious Effect of Inflation on Retirement
According to all predictions, the forthcoming Cost of Living Adjustment (COLA) that will boost next year’s Social Security benefit should be the highest in decades. But that good news is offset by the fact that high inflation is why COLA will be more,…
Stop striking fear in America’s seniors to accomplish political and budgetary objectives
Andrew Briggs, resident scholar at the American Enterprise Institute, and contributor to Forbes writes in his article, Social Security, the Debt Limit, and the Washington Monument Strategy how the latter is a ploy used by the government agencies to avoid budget cuts.…
How does a Social Security COLA work?
The purpose of the Cost-of-Living Adjustments, COLA, is to ensure that the purchasing power of Social Security and Supplemental Security Income (SSI) benefits is not eroded by inflation. Congress enacted the COLA provision as part of the 1972 Social Security…