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Are you a “Chaser”: feeling that you have fallen behind on saving for retirement?
According to the Chasing Retirement Study from Allianz Life Insurance Company of North America, almost half (49 percent) of Americans age 45 to 65 actively saving for retirement, are worried they may be already too far behind to reach their…
What is the maximum Social Security benefit and how do I get it?
So, what is the maximum possible Social Security benefit? And how much do I need to earn if I want the maximum Social Security? In 2018, the maximum Social Security benefit for a new retiree is just over $33,000 per…
Is a lump-sum payment right for you?
One of the most critical choices you will make with Social Security is when to start your monthly payments from the program. With Social Security, you have a range of eight years (age 62 to age 70) available to workers…
Warnings about cuts to Social Security and Medicare need to be taken seriously
Social Security is running a deficit this year by paying more to beneficiaries than is collected from worker payroll taxes. This is projected to continue until 2034, when all past reserves will be exhausted. Medicare reaches insolvency even sooner, in 2026. Both…
FACT: Social Security and Medicare are NOT stronger now than a year ago
President Trump routinely states that his administration is making Medicare and Social Security stronger. But is that so? The Social Security Trustees report the trust fund will be exhausted in 2034 and benefits would have to be cut over 20%…
Why the income cap on Social Security earnings?
Sean Williams of The Motley Fool writes a comprehensive article on a number of Social Security calculations. Briefly, workers pay 6.2% of their incomes (employers pay another 6.2%) in payroll taxes, known as FICA, into the program, but only on the first $128,400…
The Social Security Program: Where the Money is Spent
Social Security is the single greatest expenditure item in the entire federal budget, followed by Defense/Military spending. With expenditures of $952.5 million last year, where did all the money go? Sean Williams of The Motley Fool writes a very comprehensive…
Phasing out Social Security for The Rich: A Good Idea?
Various proposals over the years have talked about “means-testing” the Social Security program. Proponents see it as a way to save money for a program headed for insolvency, essentially arguing “why pay for people who don’t need it?” Alternatively, others argue…
Social Security for Dummies: How it works, the problems, and a solution
Jeff Szymanski of the Association of Mature American Citizens (AMAC) has an article below that could also be aptly named “Social Security 101.” It explains the basics of how Social Security actually works, including the persistent but false belief that the funds paid…
Enjoy Your Labor Day Holiday!
The editorial staff of the AMAC Foundation’s Social Security Report wishes you a peaceful and relaxing Labor Day Holiday. Take time to be with friends and family and enjoy the day, and reflect on the contributions that our workforce has…