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Is There a Best Age to Take Social Security?
Yes, or at least maybe, is the answer to a “best” time for starting Social Security. Traditionally experts have asked folks to examine their own health and family’s longevity when trying to ascertain when to begin retirement benefits. Starting at…
The Double Edged Sword That is the Social Security COLA
Social Security retirement benefits are due to go up, and the exact percentage increase will be announced by the Social Security Administration on October 12th. Sean Williams notes the double edged sword nature of this. The increase will be lower…
Gaps in Knowledge & Changes Coming to Social Security in 2024
Trevor Jennewine mentions a survey from the Nationwide Retirement Institute in this piece. He also notes the typical annual changes coming to Social Security effective January 1, 2024. One will be a cost of living adjustment, predicted around 3% but…
An Analysis of the “File Early and Invest the Cash” Strategy
One of the frequent questions we receive here at the AMAC Foundation Social Security Advisory Service relates to the “when to file” issue, and we typically respond with the benefits of deferring as long as possible (up to age 70)…
Senate Bill to Block Social Security Garnishment Reintroduced
Senator Ron Wyden (D-OR) yesterday reintroduced legislation that would prevent the federal government from offsetting Social Security benefits to compensate for repayment of all non-tax federal debt. The bill would include protection for outstanding debt associated with student loans, where…
Thoughts on the Pessimism Expressed by Gen Zers
It’s been widely reported that the Generation Z population cohort–those born in the 1997-2012 range–have a dismal view of Social Security’s future. In fact, according to MarketWatch reporter Alessandra Malito, “almost half of the people in that group don’t think…
Social Security’s “Clawback” Process and the Angst it Produces
To say that Social Security is complex is a clear understatement, and the myriad rules and potential for changes in beneficiary circumstances present a recipe for extremely uncomfortable situations. One such situation is the subject of an article appearing today…
Benefits for Divorced Spouses–A Generally Misunderstood Part of Social Security
The Motley Fool’s Katie Brockman, in a post today on their website, notes that the 2023 Nationwide Retirement Institute survey uncovered a general lack of understanding about the benefits available to eligible divorced spouses. As a result, it’s possible that…
Implications of a Drastic Drop in COLA
There’s been quite a bit of commentary this week regarding the 2024 expected cost-of-living adjustment for Social Security beneficiaries, much of it highlighting what statistically looks like a jump from projections publicized earlier this year. That’s good news, of course,…
Understanding the Social Security Earnings Test
Anyone claiming Social Security retirement or survivor benefits before reaching full retirement age is subject to an earnings limit which, if exceeded as a result of wages paid, will result in reduction of the amount paid. It can come as…