AMAC Foundation
Never Worked? You May Still Be Eligible for a Social Security Benefit.
There are circumstances when someone that never worked may still be eligible for a Social Security benefit. The most common one is a spousal benefit (ex-spousal benefits if married at least 10 years). You can receive a Social Security benefit…
Social Security Increases Repayment Amount on Overpayments
If you find yourself being overpaid by Social Security, you may have to pay it back. These overpayments will start being withheld around July 24, 2025. If you received an overpayment notice issued on April 25, 2025, Social Security will…
Social Security for the Military
Some special circumstances affect Veterans and Military members when they apply for their Social Security benefits. Depending on the years you served in the Military, special additional credits may have been added to your benefit. There are also different standards…
What happened to President Trump Eliminating Taxes on Social Security?
Following its passage in the Senate, H.R. 1 (the “One Big Beautiful Bill Act”)provides a larger standard deduction for seniors 65 and older. According to a post on whitehouse.gov, it is estimated that the “bonus” deduction will result in 88%…
Determining the 2026 Cost of Living Adjustment
COLA is determined each year since 1975, when automatic COLA determination began. It is based on the third quarter of the current year compared to the prior year’s third quarter, July, August, and September. The government uses the Consumer Price…
Social Security Full Retirement Age May Be Raised Again
Once again, the lawmakers must make changes to Social Security to prevent benefit cuts. Amongst the changes being considered is raising the full retirement age (FRA). It could affect the amount of your monthly payment and make you work longer.…
July 2025 Social Security Payment Schedule
It’s time for the July 2025 payments to be released. The payments for SSI will be paid on the first of July, and payments that are a combination of SSI and SSDI will be paid on the third of July.…
Taxation of Social Security Benefits
“How can I avoid having my Social Security benefits taxed?” That is a question we are regularly asked here at the AMAC Foundation’s Social Security Advisory Service. And the unfortunate answer for many who ask is that “you cannot!” As the old…
Thinking About Taking Social Security Benefits Early?
People appear to be rushing to take their benefits early because many fear it will not be there in the future. This is not a good reason for taking your benefits early, since Social Security will always be there at…
A Look Back at Bush’s Proposal to Keep Social Security Solvent
In 2004 President George W Bush proposed a partial privatization and sweeping overhaul of Social Security. Evan Simonoff for FA Financial Advisor takes a look back to see if that proposal would have helped the situation Social Security is in…