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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,…
The Watering Down of Social Security’s COLA
The Motley Fool’s Christy Bieber, in a post today on their website, reminds us that the 1.3% cost-of-living adjustment is not as “generous” as expected, since increases in Medicare premiums will erode the bottom line. Also, with respect to actual living…
How the Timing of Your Benefit Start-Up Affects Survivor Benefits
One of the questions we receive most frequently at the AMAC Foundation’s Social Security Advisory Service focuses on the timing of that decision to begin drawing retirements. The impact on monthly benefits is a fairly easy question to answer…it’s pure…
This Sneaky Retirement Planning Mistake Could Cost You More Than You Think
Katie Brockman reminds readers that one of the most costly retirement mistakes you can make is to withdraw money from your retirement fund before you retire. She notes that millions of Americans lost their jobs due to the COVID-19 pandemic, and some of…
What Does a Biden Presidency Mean for Social Security?
Sean Williams reminds readers that for more than 80 years, Social Security has without fail made guaranteed payments to eligible retired workers. Today, 65 million people receive a monthly benefit, and 46 million are retirees. That is in peril, and it…