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A Social Security Primer for Spouses
Safely ensconced near the top of the list of most frequently asked Social Security questions fielded by The AMAC Foundation’s Social Security Advisory service is the category of spousal benefits, and that includes benefits for married spouses, as well as…
Don’t Send Money to Social Security Unless Asked To Do So
Sending unsolicited money to Social Security for any reason is almost sure to result in difficulties. “Unsolicited” means you may have concluded you owe them money and take it upon yourself to send it back, but this should never be…
What You Should Know About Claiming SS Early or Later
The question “When should I claim Social Security” sits proudly atop the list of most frequently asked questions fielded by The AMAC Foundation’s Social Security Advisory service. It’s a common inquiry because so many people simply don’t understand how the…
Social Security Myths That Can Ruin Your Retirement
Okay, many of us know that the internet abounds with myths about Social Security. Some are so blatantly and obviously false that they can be discounted immediately (e.g., that Social Security’s financial issues can be easily fixed if the government replaces…
Inflation has exploded causing retirees to spend more
A new survey by the Senior Citizens League found more than six in ten retirees believe Social Security cost of living adjustments (COLAs) need a guaranteed minimum. Last January, the annual COLA raised Social Security benefits by only 1.3 percent;…
It’s still possible to get your retirement savings back on track
The COVID-19 pandemic had an incredible impact on the jobs and retirement savings of millions of Americans. According to a recent UBS survey, it found this is particularly true for women-“one in four female respondents are delaying retirement plans due…
Is 70 the perfect age to sign up for benefits?
You have an eight-year window to file for your Social Security benefits starting at age 62, the most popular age, to age 70, the least popular. If you file at age 62, your benefits will be reduced, but if you…
Social Security needs to do more than to enter the 21st century electronically
In a recent Senate Committee session, the members questioned the Social Security’s antiquated paper applications and the requirement of sending original documents in the mail such as drivers’ licenses, birth certificates, and passports was actually needed? “One of the problems…
Retirement savings options available for gig workers
More than one-third of US workers (36 percent) participate in the gig economy, either through their primary or secondary jobs, according to survey data published by Statista. Unfortunately, gig employers don’t tend to offer benefits such as “retirement savings plans…
What is a nondeductible IRA?
Many people contribute to an individual retirement account (IRA) to save for retirement and qualify for a tax deduction. But what if you don’t qualify for a traditional or Roth IRA; what then? A nondeductible IRA may be an option…