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The Downside of a 401k Account
During one’s working years, as wealth accumulation is taking place, the conventional wisdom says to take full advantage of 401k opportunities, especially to get the benefit of an employer match. Then there’s the ability to avoid taxation of current income.…
Who Pays What When it Comes to Tax on Social Security Benefits
For those already drawing Social Security retirement payments, it’s no secret who is assessed Federal Income Tax on their monthly benefits. But for those aging into Social Security, it’s a good idea to understand the mechanics of how these tax…
Retaining Your Quality of Life Under Social Security Alone
America’s “savings crisis” has been discussed frequently in financial and governmental media outlets especially from the perspective of retirees without adequate–or any–savings to supplement those monthly benefit checks. Forbes contributor Teresa Ghilarducci adds perspective to this discussion with an article titled…
More on the Rumored Social Security Tax Cut
USA Today contributor Paul Davidson, in a post on www.usatoday.com, notes that “several prominent economists” downplay the effectiveness of a cut in the FICA rate from 6.2% to 4.2%, suggesting that workers might not freely spend the extra cash in their…
SSDI’s Compassionate Allowances List Expanded
CDKL5 deficiency disorder, Pitt Hopkins syndrome, primary peritoneal cancer and Richter syndrome have been added to Social Security’s Compassionate Allowances list. This list, which now identifies 237 conditions that help expedite Disability benefits for applicants, can be viewed on the…
The “Retirement Crisis”…More than Just Fixing Social Security
Anyone tuned into the news about America’s retirement system are keenly aware of Social Security’s solvency dilemma and the actions being debated in Congress to fix the problem. But according to Financial Regulation News’ Douglas Clark, the problem is broader than…
If You’re Worried About Running Our of Money in Retirement, Read This!
Many, many folks aging into–or already in–their retirement years share a concern: Your accumulated nest egg may not be substantial enough to carry you the way you’d like. If that’s a concern you have, Robert Powell Editor of TheStreet’s Retirement Daily,…
Understanding Taxes and How They’re Assessed
From Federal Income Taxes to Unemployment Taxes, with Social Security taxes (FICA) in between, the Motley Fool’s Christy Bieber explains what’s taken from your paycheck in an article posted on finance.yahoo.com’s News page. It’s a timely refresher on our tax system, given…
Common Retirement Planning Mistakes…One of them Involves Social Security
Planning for a financially secure retirement is not a simple process…and that’s why so many put it off. Even so, for those who build assumptions into their personal plans, there are several fundamentals that are often misunderstood. Nevin Adams, in a…
The Impact of Immigration on Social Security
Our AMAC Foundation Social Security Advisors often field comments from callers regarding illegal immigration and it’s contribution to Social Security’s financial dilemma. These comments often take the form of hearsay, where our callers rail against “undocumented” immigrants receiving Social Security benefits…