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How to make the most of a Survivor’s Benefit
Survivor’s benefits often provide a lifeline to widows whose own Social Security benefit is either smaller or non-existent. According to Social Security’s rules, a surviving spouse is entitled to the same benefit the deceased was receiving at death, provided that…
Relying on investment returns to postpone claiming Social Security
Delaying your claim to Social Security benefits yields a significant financial advantage, because your benefit increases by 8% for each year you wait past your full retirement age (up to age 70). But unless you’re still working at a high paying…
Are 401(k)’s a retirement dinosaur?
The tax-advantaged employer savings plan known as 401(k) has been a mainstay of many a retirement plan over the last 40 years. In this somewhat controversial article appearing at VOX.com, columnist Jacob S. Hacker argues that the 401(k) is little…
Social Security’s “First Year Rule”
In this article appearing at Kentucky’s SurfKY News, our own AMAC Foundation weekly Ask Rusty column discusses a question from someone who is about to retire from work at age 62 and wants to collect his Social Security benefits immediately, but…
Some surprising facts about Social Security
In this article by Matt Montgomery, the author provides a list of interesting and sometimes surprising facts about America’s most important social benefit program, Social Security. This list includes important facts you should know, especially if you’re approaching Social Security…
Social Security Phone Scams Seek Your Money
It’s a sad commentary on our times that we must post these scam and fraud articles so frequently, but it seems there is no end to reports of unsuspecting people being bilked out of their money. Just as we report…
Scammers using “spoof” number for SS Inspector General
In an incredible example of the depths to which scammers will go to bilk you out of your money, criminals are now “spoofing” your caller ID into saying the call is from Social Security’s office of the Inspector General’s (OIG)…
Explaining Social Security’s Payroll Tax (FICA)
For most of us, whenever you look at your paystub you see the entry – often referred to as a “FICA” deduction. “FICA” is an acronym for “Federal Insurance Contributions Act”, which consists of a tax for both Social Security and…
The Federal “CSRS Offset”, explained
“CSRS”, or the Civil Service Retirement System, was a pre-1984 Federal employee retirement system which did not participate in the Social Security program. It was replaced by “FERS”, or Federal Employee Retirement System, the current system which does participate in…
Social Security Benefits May Be Taxable as Income
Social Security benefits may be taxable as income, which comes as a surprise to many a new recipient of benefits. Though some states do not tax benefits (and some do), your Federal tax obligation will always take your Social Security…