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What you should know before you collect spousal benefits
Coordinating your benefits with your spouse’s benefits can help you to get the most out of your Social Security payments. Your first step in maximizing your Social Security benefits should be to know the rules. There are three rules you…
Are you ready for these changes to Social Security?
“The Only Constant in Life Is Change.”- Heraclitus. That is true when it comes to the Social Security program as well. The Social Security program will change in 2024, but those changes will not affect everyone. What are those changes?…
Why Retirement Planning is Important
With a growing number of Americans suggesting that our country is facing a “retirement crisis,” and specifically with younger workers expressing fears about financial security in their “golden years,” the general subject of financial planning for post-career living presents a…
Taxes, Taxes…Which States Tax Social Security Benefits?
While some states in recent years have changed or eliminated their taxation of Social Security benefits, it’s always good to know where this extra layer of tax is still in effect. GoBankingRates contributor Vance Cariaga, in a post on their…
Social Security’s Future Continues to Build as a Campaign Subject
As could be expected, the gnawing issue of Social Security’s projected insolvency is becoming a pivotal talking point for the 2024 election year. This week, President Biden addressed the Wisconsin Black Chamber of Commerce in Milwaukee and lashed out at…
Power of Attorney vs. Social Security Representative Payee…Setting the Record Straight
Many folks considering the move to become a representative payee for a relative or close friend believe that if they have power of attorney already designated, that should suffice. This rumor and the assumption that accompanies it cause some confusion.…
Knowing How Benefits are Calculated is Important…Here’s Why!
Anyone looking ahead to claiming their Social Security retirement benefits should have a clear understanding of the math behind that monthly payment. If their work record does not contain a full 35 years of income on which FICA tax has…
Social Security’s Earnings Test—A Source of Confusion and Misunderstanding
The fact that claiming retirement benefits early can result in withheld payments if you continue to work comes as a surprise to many…and not a very pleasant one! A recent report by the Social Security Advisory Board, a bipartisan, independent…
Can you get Social Security Disability Insurance (SSDI) if you’ve already started your SS benefits?
Yes, you can. But there are some complications. Social Security Disability Insurance (SSDI) can be a pretty confusing subject, and generally speaking, when someone qualifies for SSDI benefits, they are out of the workplace. And folks who’ve qualified for disability…
So, How Does Social Security Calculate My Monthly Benefit?
One of the more frequently misunderstood items our AMAC Foundation Social Security Asdvisors encounter is the belief that retirement benefits are based on one’s last 5 years of earnings. Some say the last 10 years, and some even maintain that…