Many misconceptions about Social Security benefits

Though a large majority of Americans believe that Social Security will form a major part of their retirement income, many future retirees grossly overestimate how much their Social Security income will actually be. Few people understand that millionaires pay the same amount into Social Security as someone making about $150,000 per year; even fewer know that their Medicare premium could go up dramatically if their combined income from all sources exceeds certain levels and that their benefits may be subject to income tax. These are just some of the complexities that can be explained by a qualified advisor with a good understanding of the Social Security program. As discussed in this Investment News article by Mary Beth Franklin, studies show that those who use a qualified adviser fair about 15% better with their Social Security benefits than those who try to plan their future Social Security benefits on their own. Click here to read more.

If you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…

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