Social Security – What You Don’t Know CAN Hurt You
The foreword in our recently-published book on Social Security (“Ask Rusty: What’s So Hard About Social Security”) presents this daunting comment: “Let’s face it…Social Security is a massive program, with over 2,700 separate rules and regulations governing the financial benefits which over 63 million American’s rely on for a sometimes crucial part of their income, and to which over 175 million American workers contribute via FICA payroll taxes. The program is exceedingly complex … in fact, the Social Security Administration’s website has over 100,000 pages of information intended to guide users through the program’s labyrinth of regulations.”
Given that summary statement, it’s not surprising to see thestreet.com today carrying comments from Investment Contributing Editor News Mary Beth Franklin noting that a Mass Mutual consumer poll of 1500 Americans age 55-65 found over a third could not correctly answer basic questions about Social Security. Taking it a step further, The Motley Fool’s Christy Bieber notes in a post today on usatoday.com that there are three very basic Social Security facts that are either generally unknown or misunderstood and that can have a long-term negative impact on retirement finances. Ms. Bieber’s article discusses the impact that these misunderstandings can have on one’s retirement plans.
Here at the AMAC Foundation’s Social Security Advisory Service, we deal with these issues routinely as we respond to calls for help and clarification from a public seeking to navigate the program’s complexities. We know it’s a complex subject, and our accredited Advisors have been trained in the intricacies of the rules and how they apply to varying situations. In addressing questions from the thousands of people we’ve helped, we’ve built a fairly extensive body of knowledge we routinely draw on to assist our constituency as they prepare to make the decisions key to their retirement. Learn more about our Social Security Advisory Service on our AMAC Foundation website…
ALso, if you’re interested in obtaining a copy of our “Ask Rusty…” publication, contact the Foundation at 888-750-2622 or via email at [email protected]
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