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Retirement Savings: When and when not touch them
One of the more persistent questions folks saving for retirement often face is whether or not to touch deferred financial resources (IRAs, 401ks, and earmarked savings accounts, for example, when a pre-retirement need arises. Conventional wisdom calls for leaving these…
Looking Ahead at Social Security–A Basic Qualifier
Not everybody is eligible to receive Social Security retirement benefits, and that’s a factor that can come as a surprise to some folks. In summary, workers need to accumulate “credits” during their workforce participation…these credits will determine whether or not…
It’s Tax Season–And Social Security Taxation is Again in the Picture
The fact that Social Security benefits may be subject to federal income tax comes as a surprise to many first-year beneficiaries, and it’s certainly not a pleasant surprise. The taxation of benefits is a net that is capturing more and…
Lost Your Social Security Card? No Worries…Here’s What to do.
It’s not something that you carry with you everywhere…in fact, most sources advise you not to do that…but there are those times when you might need to produce your physical Social Security card. Like for many folks, the whereabouts of…
Considering Filing at 62? Don’t Rush, says this analyst
One of the most frequent questions we receive at the AMAC Foundation’s Social Security Advisory Service from folks approaching age 62 is simply, “Should I begin drawing benefits?” We respond with a discussion on the implications of early filing versus…
A Helpful “Cheat Sheet” on Key Points Current and Future Social Security Beneficiaries Need to Understand
It’s a new Social Security year, and it’s a new tax season, so most folks have a lot on their mind regarding their financial details. It can be confusing, so the folks at CNET have offered some guidance via a…
Saving for Retirement: Here are Some Thoughts to Help You
Social Security benefits are not designed to completely replace pre-retirement income levels. Everybody generally knows that, but how many are aware that the replacement rate is really around 40% or less? As a result of this reality, it becomes essential…
Another Vote Against Claiming Benefits at Age 62
Statistically speaking, you’re a rare case if you wait until age 70 to begin drawing your Social Security benefit. As many (most?) financial advisors suggest, you’re also a savvy planner, since your monthly benefit will be maximized–fully 24% greater than…
Republican Lawmaker Defends Party’s Position on Social Security’s Future
In a brief statement before Congress, Rep. Rich McCormick (R-GA) addressed repeated allegations that the Republican Party is intending to reduce Social Security benefits. McCormick’s. The recorded version of his remarks are brief, less than a minute and a half,…
Thoughts on Retirement Planning: For Many, A Mental Reset Can Help
Retirement is a tough decision for many folks. In addition to the variety of financial issues needing to be considered, there are family issues, longevity issues, residency issues, and on and on. For the financial issues, of course, there are…