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The Murky World of Social Security Myths and Misunderstandings
They’re everywhere…and we encounter them with amazing frequency here at the AMAC Foundation Social Security Advisory Service. “Social Security is going broke” and “Politicians Stole the Money” are probably the most frequent myths we encounter, with allegations of the program…
Filing for Social Security at 62? Here’s a Look at the Average Benefit.
Filing for Social Security retirement benefits at 62 is still the most popular choice, even though it produces a reduced monthly benefit amount. For someone with a full retirement age (FRA) of 66, it’s a 25% reduction, while an FRA…
Understanding the Rules for Divorced Individuals
There is a fair amount of confusion and misunderstanding about the rules for drawing benefits on the work record of a divorced spouse. The questions typically focus on how long the marriage lasted, how long must the claimant have been…
Another COLA Forecast–And a Discussion on the Tax Consequences
In a post today on mcknightsseniorliving.com, contributor Kathleen Steele Gaivin weighs in on the Social Security cost-of-living-adjustment projection subject, pegging the potential increase at 10.5%. That’s the upside. Her post also discuses the downside–the insidious effect of “bracket creep” facing…
GAO Weighs In on SSA’s Handling of Disability Appeals
The U.S. Government Accountability Office (GAO), in a recent report to Congress, cited inconsistencies in the handling of disability appeal hearings, most notably related to the practice of unevenly requiring financial documentation. Stephen Silver, a technology writer for The National…
Be Careful When Protecting Your Retirement Income Needs!
Planning for retirement can be a difficult process. How’s that for an understatement? Most folks feel it’s simply a matter of making sure you have an income stream that will support you in those “golden years,” and they often tend…
A Grim Look at Social Security’s Future
Much has been written and said about the future of our country’s Social Security system, and quite a bit it takes on a negative tone. A post by Investopedia’s Ashley Eneriz continues this tone, focusing on the steady depletion of…
A Social Security “Magic Number” to be Aware of
The debate on when to retire usually focuses on the range of ages from 62 to 70, with many pundits offering suggestions on the pros and cons of either end of this spectrum. But there’s another number that is at…
A Different View of the Potential 2023 COLA
The cost-of-living-adjustment projections are beginning to hit the media more rapidly these days, now that we’re into the actual year-over-year measurement period. Some pundits are throwing out 10 percent plus estimates, while many seem to hover around the 8% to…
Don’t Count on Your Projected Benefit Equaling What’s Shown on Your Statement
In many cases, the actual benefit that shows up in one’s monthly Social Security benefit payment can differ from what was expected or as shown on your statement from SSA. How can that be? An article posted by Certified Financial…