Latest News
Social Security & Medicare– Bankrupt? No. Insolvent? Yes.
You may have seen Sen. Rick Scott (R-FL) promoting an 11-point plan to “rescue America.” While part of that plan calls on requiring the nearly 50% of Americans who pay no income tax to pay something, the other part relates…
Income Tax on Social Security Benefits
It’s often a shock to many when reality hits for the first time– that they owe income taxes on some of their Social Security benefits. Twelve states also tax benefits. Harriet Edelson takes readers through the thresholds of when tax…
Big Raise for 2023? Probably. But Don’t Get Giddy.
Mauurie Backman notes Social Security recipients have gotten meager cost of living adjustments (COLAs) for more than a decade, until the 5.9% COLA of January 2022. Based on recent data, a 7.6% COLA is predicted. A “raise” it is not,…
Do Most Get Back in Benefits What They Paid in Taxes? Yes; Way More.
Vance Cariaga states what many Social Security and Medicare beneficiaries probably will refuse to accept– most people will take out a lot more than they ever paid in to the Social Security and Medicare programs. “An Urban Institute report issued…
Know the Social Security Rules if Turning 62 This Year
Maurie Backman notes how turning 62 is a retirement milestone. It’s the most popular age for those starting Social Security. But if you’re trying to maximize that portion of your retirement income, claiming at 62 is just plain wrong. That’s…
Social Security Optimization
It’s what everyone should do, but too few do– optimize your Social Security benefit amount. Georgina Tzanetos explains the simple rule of thumb– the earlier you claim, the less you get per month, but you get more checks; the longer…
Secrets to a Fatter Social Security Check
Selena Maranjian’s piece looks at ways to boost Social Security income. Once you start drawing benefits, there are fewer options to augment that monthly amount, though it will increase each year due to cost of living adjustments. Thus one’s real…
Social Security – The 5 Things Most Don’t Know
Vance Cariaga of Yahoo Finance reports on a new study by the Nationwide Retirement Institute noting that most Americans are sorely lacking in knowledge about the most basic functions of Social Security. It was based on a survey conducted by…
Claim These 5 Social Security Benefits Online
Georgina Tzanetos notes applying for and obtaining Social Security benefits is often confusing. She recommends everyone register for a “my Social Security” account online. It is a fairly straightforward process which will then allow one to register for these five benefits on-line:…
Power of Attorney Doesn’t Extend to Social Security
An issue frequently brought to our Social Security Advisors here at the AMAC Foundation is from someone, usually an adult child, who has power of attorney over an aging parent’s financial affairs but who has encountered difficulties dealing with the…