Latest News
Surprise!! Your Social Security Benefits May Be Taxable
Many a new Social Security beneficiary finds a surprise when they first file their Federal income tax the following year – Social Security benefits received during the tax year may be included as part of their overall taxable income. And,…
Must Everyone Pay Social Security Taxes?
Well, nearly all working Americans are required to contribute to the federal Social Security program from their earnings, up to the payroll tax cap each year. There are some exceptions – most notably those who work for a State or…
Will Social Security Go Bankrupt?
Well, the short answer is no – Social Security cannot go bankrupt and not be able to pay benefits as long as there are American’s working and contributing to the program. However, that doesn’t mean that the program is on…
Confused About Medicare? Here Are the Basics
If you’ve ever waded into the world of Medicare, you have undoubtedly found that it can be exceeding complicated and highly confusing. The various “Parts” of Medicare each have a different purpose providing different levels of healthcare coverage, using terms…
Social Security and the Debt Limit Fight
There’s been quite a bit of back-and-forth about the upcoming negotiations on the federal debt ceiling, and much of it had to do with whether or not Social Security (and Medicare, for that matter) were factors in the arguments. In…
A Clarification of HSA Issues for Those Aging Into Medicare Eligibility
If you are approaching Medicare eligibility and participating in a Health Savings Account, there are some specific regulations you need to be aware of in order to avoid potential penalties and/or fees. A post by CD Moriarty, CFP, a Vermont-based…
WEP/GPO Elimination Bill Reintroduced
Sens. Sherrod Brown (D-OH) and Susan Collins (R-ME), along with 31 bipartisan cosponsors, on March 1, 2023 reintroduced the Social Security Fairness Act reintroduced in Senate (S. 597). As in its predecessor bills in earlier Congressional sessions, the bill is…
Scammer Alert: Some Tests to Identify the Imposters
Scammers are active all year round, and now that Social Security is garnering more and more attention in the media, you can expect to see an upswing in the months ahead. You’ll also see some novel approaches to bilking you…
The Potential Cost of “Kicking the Can”
Maya MacGuineas, president of the Committee for a Responsible Federal Budget, in a post on DallasNews.com, echoes what many have been saying for years…the longer action is deferred on resolving Social Security’s long-term financing problem, the more painful the corrections…
Dealing With the Social Security “Running out of Money” Rumor
Our Social Security Advisory staff here at the AMAC Foundation deals with this rumor–and many others–week in and week out. The answer to the question of “Is Social Security going bankrupt?” is a simple “no,” as highlighted in a post…