savings
Seniors are feeling economic strain
A survey by American Advisors Group (AAG) found nearly 90 percent of seniors think the United States is experiencing a retirement savings crisis. Chris Moschner, Chief Marketing Officer of American Advisors Group, stated, “The data show that seniors are feeling…
You shouldn’t rely too heavily on Social Security
Nearly nine out of ten people age 65 and older were receiving a Social Security benefit as of December 31, 2022. Social Security is the major source of income for most of the elderly. Despite the misleading information on the…
Do you have unrealistic expectations regarding Social Security?
The harsh reality about Social Security is that it will not replace all of your pre-retirement income. According to the Social Security Administration, 37 percent of men and 42 percent of women receive 50 percent or more of their income…
Upcoming changes to your 401(k)
America has a retirement savings problem. The SECURE Act 2.0 is to enhance the retirement savings experience for working Americans. Some of its key elements focus on incentivizing people to save more and prioritize long-term goals; however, sections of it…
Portability Services Network
Fidelity Investments, Vanguard, and Alight Solutions have teamed up with Retirement Clearinghouse to create a new service called the Portability Services Network. Portability Services Network, LLC (PSN) utilizes the Retirement Clearinghouse (RCH) autoportability solution to deliver a nationwide, digital hub…
How does Medicare affect your Health Savings Account?
A Health Savings Account (HSA) is a type of savings account that lets you set aside money on a pre-tax basis to pay for qualified medical expenses. By using untaxed dollars in a Health Savings Account (HSA) to pay for…
Secure 2.0 Act will benefit both employers and employees
The SECURE 2.0 Act is now law. The legislation provides a slate of changes that could help strengthen the retirement system—and Americans’ financial readiness for retirement. It will be easier to save and give more tax credits to small businesses;…
The need for Longevity Literacy in retirement planning
More than half of American adults did not know how long people generally tend to live in retirement, according to a recent report from TIAA Institute. This factor could lead to them failing to save enough money to last as…
Considering early filing? Here are some analyses that will show you the advantage of not doing this.
One of the persistent questions we receive here at the AMAC Foundation Social Security Advisory Service is “when should I claim my benefits.” And, as we typically say in response, “it depends.” It actually depends on many factors, one of…
Attention Millennials: Saving is the Key to Ensuring a Livable Retirement
The solvency dilemma facing Social Security is getting an increasing amount of attention these days, and the level of attention is expected to rachet up significantly in the 118th Congress. Will the problem be fixed? Maybe, maybe not, at least…