Headlines
What happened to President Trump Eliminating Taxes on Social Security?
Following its passage in the Senate, H.R. 1 (the “One Big Beautiful Bill Act”)provides a larger standard deduction for seniors 65 and older. According to a post on whitehouse.gov, it is estimated that the “bonus” deduction will result in 88%…
Social Security Full Retirement Age May Be Raised Again
Once again, the lawmakers must make changes to Social Security to prevent benefit cuts. Amongst the changes being considered is raising the full retirement age (FRA). It could affect the amount of your monthly payment and make you work longer.…
Taxation of Social Security Benefits
“How can I avoid having my Social Security benefits taxed?” That is a question we are regularly asked here at the AMAC Foundation’s Social Security Advisory Service. And the unfortunate answer for many who ask is that “you cannot!” As the old…
If You’re On the Fence About Filing Early, Read This!
The constant barrage of media alarms on Social Security’s impending insolvency drives many folks aging into benefit eligibility to take the plunge before their full retirement age. While they may or may not fully understand the long-term consequences of this…
Saving for Retirement: An Uphill Battle for Many Americans
Reporting on the results of a recent national workforce survey, The Pew Charitable Trusts suggests that households without access to employer-sponsored savings plans, such as 401(k)s, face significant challenges in accumulating wealth to support their retirement years. Much has been…
Political Leadership on Policy Cited as Missing Ingredient in Social Security’s Plight
“The longer Congress waits to act, the harder solving Social Security’s financial challenge becomes, and the more retirees and taxpayers will be on the hook for lawmakers’ inaction.” That statement was lifted from the Bipartisan Policy Center’s “2025 Social Security…
As Insolvency Moves Closer, Alternatives are Surfacing
As nearly everyone following Social Security’s financial plight is aware, the 2025 Social Security Trustees Report highlighted the loss of three calendar quarters in the time buffer between now and full depletion of the program’s trust fund reserves. The Old…
The Trustees Have Spoken…Let’s Look at the Numbers
As noted last week on this site, the Social Security Board of Trustees has published its report on the program’s 2024 operations. As expected, the bottom line highlights further deterioration in Social Security’s reserve funding status, with the forecasted depletion…
A Look Back at Bush’s Proposal to Keep Social Security Solvent
In 2004 President George W Bush proposed a partial privatization and sweeping overhaul of Social Security. Evan Simonoff for FA Financial Advisor takes a look back to see if that proposal would have helped the situation Social Security is in…
2025 Social Security Trustees Report
The latest Trustees Report confirms what we’ve known for years: Social Security is on an unsustainable path. The combined trust funds are projected to run dry by 2034, just nine years from now. After that, the program can only pay…