Full retirement age
Ask Rusty – Why Don’t They Just Create Individual Social Security Accounts?
Dear Rusty: Regarding Social Security’s financial issues, three people contributing to Social Security for every one beneficiary sounds to me like a surplus. If they had given workers their own accounts, similar to a 401k, where they could manage their…
A Frequent Question: How Did SSA Determine My Social Security Retirement Benefit?
One of the more frequently misunderstood items we encounter here at the AMAC Social Security Advisory Service is the belief that retirement benefits are based on one’s last 5 years of earnings. Some say the last 10 years, and some…
Solving Social Security’s Financial Woes
If you read the news at any level, you are surely aware that the nation’s premier retirement program – Social Security – is facing some serious financial issues in the near future. In fact, the latest report from the Congressional…
How Social Security fits into Retirement Planning
The average Social Security payment for those age 65 is just a bit over $1,600 per month. When you consider that the average 65 year old typically has needs about $2,400 per month of income, it’s easy to see a…
The only Social Security certainty? American’s are largely opposed to change
One thing is certain, according to a recent survey: Americans are largely opposed (with only one exception) to any changes to the Social Security program. But the problem is that unless changes are made, the program will become “insolvent” in…
Benefits Calculated for an Early Filer Can Increase…Here’s How
Nearly a quarter of those reaching Social Security’s early retirement age (62) elect to take that step and absorb the benefit reduction—30% if your full retirement age is 67. They assume that to be a permanent reduction, and in the…
Understanding the “Break-Even Age” and How it Applies to Your Claiming Decision
The “when to file” question is one of the more frequent ones we receive here at the AMAC Foundation Social Security Advisory Service. And although we know it’s frustrating, our answer universally is “it depends.” Most financial planners will tell…
Three questions to ask yourself before you claim your benefits
If you were born in 1960 or later, your full retirement age is 67, which allows you to receive your full benefits. The best age for you to claim your Social Security benefits will depend on factors such as your…
Three ways to increase your Social Security benefit
You can typically get monthly Retirement benefits starting at age 62 if you’ve worked and paid Social Security taxes for 10 years or more. However, your benefit will be permanently reduced. The reduction is calculated based on the number of…
Social Security’s Full Retirement Age (FRA)
Once upon a time, there was no mystery about Social Security’s full retirement age – everyone received their full benefit if they claimed at 65 years of age, the age set when the program was first enacted in 1935. But way back in…