Social Security
Social Security is in big trouble. Will a commission help?
It’s hardly a new idea– set up a blue ribbon panel of experts to tell us what we already know and propose a mix of the only three possibilities to help a program in financial distress– raise taxes, cut benefits,…
The Harsh Realities of Living on Social Security
It’s common knowledge that the average monthly Social Security benefit these days is slightly over $1,900, and there’s also a fairly common understanding that the program’s retirement benefits are intended to replace about 40% of a retiree’s average career earnings.…
Tomorrow is World Elder Abuse Awareness Day (WEAAD)
A recent post on IRS Newswire focused attention on the rising threat of impersonation scams targeted at older adults by scammers pretending to be government officials and attempting to obtain sensitive, personal information including social numbers. The details of this…
An Overview of Survivor Benefits
Retirement benefits are available to spouses, ex-spouses, children, or dependent parents of someone who worked and paid Social Security taxes before they died. It can be complicated, but the Social Security Administration has taken great pains to clearly explain what…
Social Security’s “Do Over” Options (They’re Not Secrets, Just Not Well Known)
Statistically, 42% of men and 48% of women claim their Social Security benefits at age 62, the earliest age to claim retirement benefits. Often, after taking this step, these folks realize that it may have been better to wait until…
COLA Watch–2025 Edition
Continuation of the recent trend in CPI numbers has led forecasters to suggest that the 2025 Social Security COLA could fall into the 2.57% to 3% range, according to a post by Ted Godbout on the National Association of Plan…
Another Push for CPI-E
The potential for use of a measurement more reflective of senior spending patterns has been under investigation for some time, and is the subject of pending legislation to adopt this senior-friendly tool. A recent post on planadvisor.com by Paul Mulholland…
Candidate Trump Offers a Glimpse of Potential Tax Strategy
In his June 9 Las Vegas rally, presumptive Republican presidential nominee Donald Trump announced his intent, if elected, to exempt tip income from “federal taxation.” Left undefined, though, is whether he’s referring to federal income tax or FICA tax (the…
The Probability of Retiring (and Living) on Social Security Benefits Alone
The Motley Fool’s James Brumley, in a post on their website, sends a note of caution to those with little (or no) savings but still heading toward their retirement years. On the basic question of whether Social Security will be…
A Dialog on the Age 62 vs. FRA vs. Age 70 Claiming Question
It’s probably one of the most frequent questions any financial advisor receives: Should I claim Social Benefits as soon as possible or wait? Here at the AMAC Foundation Social Security Advisory Service, we hear it often, and our response always…