AMAC Foundation
Early Prediction of 2025 Cost of Living Adjustment (COLA)
It’s way too early to say with any degree of certainty what next year’s COLA will be, but it’s still interesting to take a look at what might be. Inflation, of course, is the driver of any COLA increase to…
All About Taxation of Retirement Benefits (including Social Security)
Ben Franklin once said, “Nothing is certain but death an taxes.” Especially at the Federal level, taxation of your income may be inevitable, but the story is considerably different when it comes to State income taxes. The fact is, that…
Prescription Drug Plans Cutting Coverage
Medicare – the nation’s main healthcare plan for seniors – doesn’t include coverage for prescription drugs (unless administered during a hospital stay). Although usually called “Medicare Part D,” all such plans for coverage of prescription drugs are provided by private…
Planning For Your Retirement
” … people shouldn’t view retirement as “an endless vacation.”” Instead, they should dive into their inner selves and values,” according to this Yahoo! Finance article by Tina Nazerian. What will your retirement look like? Do you have a specific…
Will fixing Social Security fall to the Millennial generation?
With the many perspectives on how the Social Security dilemma will play out, this article by Kerry Hannon for Yahoo Finance ponders on a scenario where Millennials take the hit. Read here… As an example of the leading thoughts on…
Your spouse has passed away. What do you do about Social Security Survivor Benefits?
When your spouse predeceases you, you may be eligible for survivor benefits. There are options to consider, especially if you have not yet started your own Social Security benefits. You can take one benefit and switch over to the other…
Will taking Social Security at age 62 give you enough income to survive?
This article by Christy Bieber published on May 24, 2024 by Yahoo Finance articulates different scenarios for different retirement ages. Taking Social Security early will give you a reduced payment but more years of that income and waiting will give…
Another View of Social Security Insolvency
By now we all know that if Congress does not act the Social Security trust fund will run out of money in approximately a decade. There are several reasons for this including a decline in the working population and longer…
Important information about your Medicare Eligibility
This article is written by Diane Omdahl for Forbes and published on May 23,2024. Depending on your situation, you may not automatically qualify for Medicare, especially premium free Part A. As Diane points out it is important to think about…
An exception to the Social Security payment schedule
By Aliss Higham on May 24, 2024 for Newsweek Social Security payments are very consistent with the payout dates. Supplemental Security Income payments are deposited on the first of the month. Retirement benefits are paid on the 2nd, 3rd, and…