Public angst over Social Security
Katie Brockman reports that about 44% of Americans are worried about a reduction in benefits sometime in the future, or that Social Security will be eliminated entirely, according to a survey from the Transamerica Center for Retirement Studies. Their fears are not entirely misplaced, as 48% of couples and more than two-thirds (69%) of unmarried beneficiaries depend on their monthly checks for at least 50% of their income, according to the Social Security Administration. More shocking, though, is that 21% of couples and 44% of unmarried retirees rely on Social Security for at least 90% of their retirement income. The advice most experts give is to save using other retirement vehicles and to maximize those savings where possible. Also, delaying Social Security as long as possible to a maximum age 70 will significantly increase one’s monthly benefit for life. Read full piece 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.