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Social Security Myths to Leave Behind With 2020
In a year most would soon like to forget, Maurie Backman adds three misconceptions about Social Security that should also be relegated to history. These are: 1. Social Security will replace your former paycheck; 2. You have to sign up for Social Security once you reach full retirement age; 3. Your Social Security benefits are yours to keep in full. Backman explains the replacement of pre-retirement income is a scant 40%, one could wait up to age 70 to really maximize monthly income for life, and income taxes are indeed due once income reaches a certain threshold. Full details on the three points in the 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.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.