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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…
SSA OIG: More Scammers, Getting More Creative
It seems like there’s no end in sight to the lengths the criminal element will go to fleece the unsuspecting–especially seniors–of their well-earned resources. Here at the AMAC Foundation’s Social Security Advisory Service, it’s rare that a day goes by…
How To Avoid a Government Impersonator Scam
(Source: Federal Trade Commission) Scammers pretend to be calling you from government agencies like the Social Security Administration and the IRS. Or say they work for Medicare. They say that if you don’t pay or you refuse to give them…
Homelessness and Social Security
(Source: Social Security Admonistration) Supplemental Security Income (SSI) and Social Security Disability Insurance (SSDI) are lifelines for people experiencing homelessness. The U.S. Department of Housing and Urban Development’s 2020 Annual Homelessness Assessment Report notes roughly 580,000 people are currently without a home…