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Born in 1960? Brace for a Big Social Security Hit
AMAC and the AMAC Foundation continue to get inquiries from those born in 1960, as they have heard something on the news about a Social Security “cut” for them. The “cut” has to do with the way average wages are…
What to do for retirement savings if you are in your 50s
Maurie Backman explains that all people will need additional money outside of Social Security to make sure they are able to easily cover regular bills, even those who say they are willing to lead a relatively low-key lifestyle during retirement. She cites a recent survey by Personal Capital on…
When You Need to Pay Taxes on Social Security
It often comes as a shock to retirees that income tax may be due on a part of their Social Security benefits. It’s not a new tax, as the idea first was enacted in 1983 and then broadened in 1993. …
Comprehensive Guide to Third Stimulus and SSI/SSDI
The third stimulus checks for $1,400 are going out to millions of people. This extremely comprehensive article by Alison DeNisco Rayome of CNET explains the new qualification rules for SSI and SSDI recipients and their dependents, a timeline for when the payments…
5 Social Security Oversights That Could Cost You Thousands
Chuck Saletta notes the complexity of Social Security despite how straightforward it appears to many. He lists five Social Security oversights could cost people thousands over the course of their retirement. They are: 1. Claiming early while still working; 2. Not claiming…
Timing is everything with Social Security
Bruce Helmer and Peg Webb of the Wealth Enhancement Group explain some of the considerations one should make when deciding when to start Social Security benefits. They begin by noting that people decide for themselves what they get, as benefits are…
What Americans don’t understand about Social Security
What do Americans understand about Social Security? Not as much as they should, according to this piece by Levi Leidy first published on GoBankingRates.com. A majority of Americans don’t know when they can start claiming benefits, though most did know about…
5 Signs You’re Ready for Your First Social Security Check
Robin Hartill explains there’s no magic bullet for deciding when to start one’s Social Security benefits. Claim too early and you could be in for a cash-strapped retirement. Claim too late and you risk leaving money on the table that you paid…
Retirement plans and special needs trusts is a complicated one
Retirement plans often make up a significant portion of assets for retirees. Parents of children with special needs, or of individuals who have become disabled as adults, question whether their retirement plan can be put into a special needs trust.…
$86 billion to help troubled pension plans
Not only will the $1.9 trillion American Rescue Plan issuing stimulus checks to most Americans, give aid to states and local governments, and expands unemployment benefits; the bill includes $86 billion to help troubled retirement plans. Currently, there are about…