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Understanding the Reality of Social Security’s “Replacement Rate”
One of the frequent misunderstandings people have about Social Security’s place in their retirement planning scenario is the benefit amount relative to their pre-retirement income level. It’s not a 1:1 ratio, as some folks think, in fact, it’s nowhere near…
Perspectives on Social Security’s “Problems”
Many folks have ideas about what’s “wrong” with Social Security, at least how some of its intricate rules and regulations affect them. Noted Social Security veteran Tom Margenau has encountered a few of them through the years, and has put some…
More on Social Security Myths and Misunderstandings
In the Social Security public seminars we do here at the AMAC Foundation Social Security Advisory Service, we spend a segment talking about the folklore that typically surrounds the program. You know, the urban myths that just won’t go away,…
A Dozen Social Security Basics Worth Knowing
Social Security is complex. We say that all the time, and that’s essentially why we formed the AMAC Social Security Advisory Service five years ago…to help America’s Seniors navigate these complexities. Said another way, we seek to make sure Seniors…
Quick Question on Spousal Benefits
“If my husband passes before I do will I receive his Social Security benefit?” This is one of the more frequent questions we handle in the AMAC Foundation’s Social Security Advisory Service, and we typically spend a fair amount of…
Thoughts on Starting Over…At Age 66
Many folks who elected to retire early and begin drawing their Social Security benefit at the earliest possible age (62) find themselves in a situation where the reduced benefit has become a real problem. Such is the case with the…
How the Pandemic is Stressing Retirement Plans
From curtailment of planned savings to the need to draw Social Security benefits earlier than originally planned, it’s clear that the COVID-19 has had a substantial–some would say dire–impact on Americans’ retirement planning efforts. As pointed out in a U.S.…
An Update on the Payroll Tax Issue
Much has been written about President Trump’s position on payroll taxes and Social Security funding, from his enactment of an option to defer payment of the tax for the final four months of 2020 to the potential to abolish the…
So, How Much do You Need to Retire?
For many folks, the goal was to have a million dollars available to sustain a comfortable retirement. That was considered the “gold standard,” and that still seems to be approximately the planning line for many. In fact, in a post…
The Consequences of the Payroll Tax Deferral–A Reminder
Here’s a quick reminder from The Motley Fool’s Sean Williams concerning President Trump’s August executive action to allow deferral of FICA tax obligations from the last four months of 2020. If you’re employer elected to do that implement than option,…