Social Security
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…
Retirement savings crisis
Is there a retirement savings crisis in America? Yes; according to a recent survey, over three-fourths of Americans agree that there is a retirement savings crisis. Over half of the respondents cited their concerns that they cannot achieve financial security…
Changing how COLA is calculated
U.S. Senator Kirsten Gillibrand has introduced the bill “Under the Boosting Benefits and COLAs for Seniors Act (S. 3974), which would change the calculation of the yearly Social Security cost-of-living-adjustment (COLA) by switching from the Consumer Price Index Urban Wage…
You might enjoy a really nice benefit if…
What is the maximum benefit you can collect if you retire this year? If you are turning 70 this year and filing for the first time for Social Security, you could collect a monthly benefit of $4,873. However, not everyone…
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…
The newest COLA estimate
The Bureau of Labor Statistics reported the March 2024 Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) increased 3.5 percent over the last 12 months. Based on this announcement, the Senior Citizens League has estimated the cost-of-living…
House Ways and Means Committee to Hold Hearing on WEP and GPO
On Tuesday, April 16th, the U.S. House Ways and Means Committee will hold a hearing on bill H.R. 82 – the Social Security Fairness Act. This bill repeals provisions that reduce Social Security benefits for individuals who receive other benefits,…
Retaining older workers
In his annual letter to investors, BlackRock CEO Larry Fink addressed the issue of America’s lack of retirement savings and the aging workforce. Mr. Fink challenged “HR departments to find ways to hire and retain older workers, but also help…