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The Importance of Savings to Augment Your Social Security
The simple fact that Social Security is not designed to fully replace one’s pre-retirement earnings comes as somewhat of an eye-opener for many as they near that mile marker. Then, too, the realization that claiming this benefit before their full…
Democracy in Action: Social Security Taking Prominent Role in Election Rhetoric
It’s the eve of 2022’s midterm election day, and the airwaves are peppered with conflicting opinions about how our Social Security program will be affected by the outcome. From Rep. John Larson’s (D-CT) impassioned plea for support of his candidacy…
We require a far more serious conversation about Social Security and Medicare
As both Social Security and Medicare programs are facing financial challenges in the near future, we–as Americans–deserve to have a constructive conversation about the future of Social Security and Medicare. Unfortunately, as we get closer to election day, we are…
How much should you save for retirement?
Are you planning your retirement? Do you know how much to save? The amount you need to retire and live comfortably is a personal one. It will take patience and determination to reach your goal. However, there are benchmarks in…
Can you pass this Social Security quiz?
Social Security is the major source of income for most of the elderly, with nearly nine out of ten people aged 65 and older receiving a Social Security benefit as of June 30, 2022. Social Security benefits represent about 30…
Are you right to worry about Social Security?
The Old-Age and Survivors Insurance (OASI) Trust Fund, which pays retirement and survivors benefits, will be able to pay scheduled benefits on a timely basis until 2034. The Disability Insurance (DI) Trust Fund, which pays disability benefits, is no longer…
The effect of taxes on your retirement savings
Many people often overlook the effect taxes have on their retirement savings. If you have the “ideal” amount of $1 million in your portfolio, it may only be worth $800,000 or even less after taxes. Your investment income can also…
Your “my Social Security” Personal Account
Here at the AMAC Foundation’s Social Security Advisory Service we hear nearly every day from those frustrated by attempts to contact Social Security to find out relatively simple information, such as what their monthly benefit will be next year. Telephone…
New Spotlight on Social Security? Even the Election Year Hyperbole is a Good Thing.
It’s certainly not surprising that Democrats, trailing Republicans in most election year polling, would resort to their old scare tactic by asserting that Republicans want to cut Social Security and Medicare and “throw Grandma off the cliff.” And. unfortunately, a…
Misunderstanding Social Security Will Hurt You
A program with over 2,700 rules and regulations might be generously described as “complicated,” but what’s an even more serious problem is the number of myths and misunderstandings which permeate public thinking about Social Security. A case in point –…