Latest News
Nebraska to Join List of States Not Taxing Social Security Benefits
The Nebraska State Legislature has passed a bill to begin a gradual repeal of the tax levied on Social Security income in that state. Between this year and 2030, the amount of Social Security income subject to state income tax…
Another COLA Update – How Valid is the Most Recent Inflation Number?
Social Security specialist Devin Carroll issued an alert to Social Security COLA watchers this week that the program could be in for a “massive” cost of living adjustment in 2022. His forecast, delivered in the form of a video (which you…
Your Benefits Vs. Spousal Benefits…No, You Can’t get them Both!
The matter of Social Security benefits drawn on a spouse’s work record, can at first glance be confusing. In a married couple, for example, one spouse typically is a higher earner than the other, although often both have accumulated the…
Where do you stand on savings for retirement?
The answer to this question, of course, depends quite a bit on where you are in life. Younger workers often feel they have a long time to get there, while those on the threshold of retirement may be starting to realize…
Thoughts on Growing Your Social Security Benefit
If you’re looking ahead to drawing your earned Social Security benefits, you certainly should create a mySocialSecurity account with the Social Security Administration (SSA). If you don’t already have a “my Social Security account,” it’s an easy and quick process to…
Thoughts on Boosting Benefits for Married Couples
Making sure your getting the most out of Social Security can be complex, and when the mission is to do so for a married couple, the complexity rises dramatically. It’s not a simple situation, although the sort of reflex response…
The Benefit of Deferring Social Security–Doing the Math
Most financial planners consistently advise prospective Social Security beneficiaries to delay their filing as long as possible, preferably to age 70 to maximize monthly benefits. It’s logical, given that early filing produces a discounted monthly benefit, while deferring beyond full…
Spousal Benefits: An Often Misunderstood Topic!
The rules surrounding Social Security’s provisions for spousal benefits is one of the most frequent topics our Social Security advisory staff at the AMAC Foundation encounters, accounting for second only to the general “When should I file for benefits” question.…
Living on Social Security…Some Thoughts
Who says you can’t live on Social Security alone? Well, just about everybody engaged in financial planning, but that doesn’t mean it can;t be done. In fact, many older Americans are doing just that. Whether you’re restricted to Social Security…
Tax Strategies to Manage the Bite
It comes as an unpleasant surprise to many retirees, especially those filing their federal tax returns for the first time in retirement, that a portion of their Social Security benefit is taxed at their normal tax rate. It’s viewed by…