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Frustrated with Social Security Taxes? Why are they taken out of my paycheck?

Workers who earn (and their employers) must contribute to Social Security via payroll taxes to fund the program. When the program first started, certain employees and their employers were required to each contribute 1% of the employee’s first $3000 of…

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Myths – Part II: The Social Security Myth that Simply Refuses to Die!

Here at the AMAC Foundation’s Social Security Advisory Service we deal with misconceptions about Social Security nearly every day. These largely include simple misunderstandings about how Social Security works – for example, rules on how benefits are calculated, including retirement…

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Social Security Myths and Misunderstandings

Social Security Myths are Pervasive In my efforts to explain Social Security to those who ask questions, it is often necessary to provide information contrary to the questioner’s understanding of how Social Security works. Some folks who write us possess…

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The Role of Life Expectancy in Retirement Decisions

When contemplating your retirement it is crucial to focus on an important question – “When should I take my Social Security benefits?”  While there are a number of factors to consider when making that decision, don’t overlook the role of…

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Demystifying the Federal Payroll Tax

Nearly all workers pay it, but very few understand it – the Federal Payroll Tax. With few exceptions,[1] everyone who works and earns pays the federal payroll tax from their earnings – that’s about 175 million American workers. The tax, first…

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“Ask Rusty – I’m Turning 70. When Should I Apply for Social Security?”

Dear Rusty:  I have a very simple question: I will turn 70 on September 20th and want to start my Social Security benefits in September. What month should I file my claim? Have there been delays with the reductions in…

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