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The “Retire Early” Question, Again. Some Reasons on the pro side
The general question of when to file for Social Security benefits is, without question, one queries fielded most frequently by our staff here at the AMAC Foundation Social Security Advisory Service Staff. And our responses always start with the frustrating…
Delaying Social Security? Don’t Neglect Your Savings
Maurie Backman explain the different ages one can take Social Security, from 62 at the earliest, to full retirement age (now 67), to the maximum age 70, or any age in between. Waiting until 70 yields a permanent monthly benefit…
Social Security Survivor Benefits
Jim Blankenship explains in depth a common question among married couples– what happens to my benefit if my spouse dies? A surviving spouse is eligible to begin receiving early benefits at age 60 (rather than 62 for regular or spousal…
Is an Early Retirement Within Reach?
It requires a fair amount of planning, is the caveat that would accompany any desire to retire early. Maurie Backman notes those that save or have consistently saved 20% or more of their income are in a good position. Not…
Social Security Reform Starting to Take Shape
Jessica Hall of MarketWatch combines much reporting this week here on a bipartisan group of senators working to ensure Social Security solvency led by Angus King of Maine and Mitt Romney of Utah. Plans being considered included slowly raising the…
Social Security Here to Stay. But Challenges Persist.
Much recent news of late has discussed the financial troubles of the Social Security program. While they are real, Congress can and likely will fix them, even if just before insolvency hits around 2032. Maurie Backman explains the demographic problem…
5 Social Security Strategies To Secure Retirement
It’s a complicated program for sure, but Robin Hartill focuses here on five partiucular strategies that people need to know. Getting the maximum possible monthly Social Security benefit is what people should strive for. This means working 35 years or…
Trump, the GOP, and the very real politics of entitlements
This piece in POLITICO looks at the politics of Social Security and Medicare. Two camps seems to be developing in the GOP. One wants to deal with the reality that both problems will be financially insolvent in less than a…
Saving for retirement increasingly a struggle for older Americans
Mark Strassman writes about some sobering facts here. Social Security replaces a mere 40% of pre-retirement income, yet 40% of retirees say Social Security is their only source of income. The average benefit pays just $20,000 a year. The typical…
Why most feel the 8.7% COLA falls short
Social Security recipients received an 8.7% cost of living adjustment in January 2023, but it is hardly a “raise.” The benefit increase came after seniors had already paid higher prices for over a year. Maurie Backman notes a survey by…