Social Security Strategies For Those Low on Savings
Maurie Backman reminds us the Social Security replaces just 40% of pre-retirement income, and it is not sufficient to cover the bills for Americans in retirement. Savings have always been the cushion needed for decent golden years. For those approaching retirement age, Backman suggests waiting as long as possible (to age 70) to file to boost monthly benefit checks. She also suggests working longer, as that might replace a low income years in one’s 35 year history. Finally, she suggest moving to one of 13 states that does not tax benefits, as this boosts net take home pay. 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.