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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.
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.