AMAC Foundation
About Taxation of Social Security benefits
It catches a lot of retirees by surprise – they claim their Social Security benefits unaware that collecting those benefits may very well result in a surprise income tax obligation when they submit their income tax to the IRS. Basically,…
Ask Rusty – Older Husband and Working Wife Seek Guidance
Dear Rusty: I am 74 years old, retired and receiving Social Security. My wife will be 65 in January of 2025. Our hope was to start paying off some credit card expense by her receiving SS when she turns 65,…
Is Social Security “Broke Beyond Belief?”
According to a self-described “retirement planning evangelist” the American Social Security program is “broke beyond belief” and may not be able to pay full benefits as soon as 2034. That, of course, is a rather harsh, yet understandable, description of…
How Medicare options can affect your healthcare budget.
Medicare options need to be explored before you make any decision beyond original Medicare, which is Part A (hospitalization) and Part B (healthcare). You need to be aware there could be a penalty for not signing up for Medicare during…
When do Americans typically take Social Security benefits?
Americans take Social Security benefits anytime between age 62 to age 70. Exactly when you should start is a personal decision depending on your individual situation. Also, it’s interesting to see what the average benefit is at different ages. Many…
Let’s take a look at Social Security overpayment rule changes.
When a person has been overpaid by Social Security the law requires the agency to seek repayment. Social Security had a 100% withholding rate for an overpayment being made to a recipient, this policy has been changed to reduce the…
When Should You Claim Social Security?
It’s the question our AMAC Foundation Social Security Advisory Service is most frequently asked – “When should I claim my Social Security benefits?” And the underlying hidden inquiry is “how can I maximize my Social Security benefit?” Truth is, there…
Is your Social Security income taxable?
Wondering if your Social Security income is taxable? Or if you have to file a tax return? This article by Maite Knorr-Evans explains several scenarios to help you determine what the answers to those questions are for your situation. Read…
Time is Ticking for Social Security
As insolvency looms closer every day, millions of Americans may face a cut to the income foundational to their retirement plan. A number of proposals for a solution are floating about but none seem to be making an impact on…
Understanding Social Security’s Marital Benefits–An Important Element of Retirement Planning
Social Security can be a complex area, with its thousands of rules, regulations, and options that should be understood to make the best claiming decision for each individual’s situation. While there is the immediate option of spousal benefits and the…