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How to Retire Rich Without Social Security
Social Security is facing long term financial challenges, with benefits cuts to all due to take effect in 2034 or 2035 without congressional reform before then. Nilus Mattive of The Daily Reckoning suggests five strategies that would allow one to avoid relying on Social Security. The five are these: max out your 401(k) match, build your own pension through tax-free savings, invest in the market to overcome low savings and CD rates, find other guaranteed sources of income like annuities, and claim benefits early, though the latter option comes with a permanent 30% monthly benefit reduction if claiming at age 62. Read the full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.
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