Social Security
Social Security Claws Back Money, Leaving Recipients Baffled
In this long, comprehensive piece, authors David Hilzenrath and Jodie Fleischer explain how the Social Security Administration (SSA) can overpay recipients followed by the long, complex process that ensues thereafter. The SSA is trying to reclaim billions of dollars from many of…
An Analysis of the “File Early and Invest the Cash” Strategy
One of the frequent questions we receive here at the AMAC Foundation Social Security Advisory Service relates to the “when to file” issue, and we typically respond with the benefits of deferring as long as possible (up to age 70)…
Senate Bill to Block Social Security Garnishment Reintroduced
Senator Ron Wyden (D-OR) yesterday reintroduced legislation that would prevent the federal government from offsetting Social Security benefits to compensate for repayment of all non-tax federal debt. The bill would include protection for outstanding debt associated with student loans, where…
Social Security’s “Clawback” Process and the Angst it Produces
To say that Social Security is complex is a clear understatement, and the myriad rules and potential for changes in beneficiary circumstances present a recipe for extremely uncomfortable situations. One such situation is the subject of an article appearing today…
Benefits for Divorced Spouses–A Generally Misunderstood Part of Social Security
The Motley Fool’s Katie Brockman, in a post today on their website, notes that the 2023 Nationwide Retirement Institute survey uncovered a general lack of understanding about the benefits available to eligible divorced spouses. As a result, it’s possible that…
Implications of a Drastic Drop in COLA
There’s been quite a bit of commentary this week regarding the 2024 expected cost-of-living adjustment for Social Security beneficiaries, much of it highlighting what statistically looks like a jump from projections publicized earlier this year. That’s good news, of course,…
Working Longer to Increase Benefits–Some Points to Consider in the Argument
As the rhetoric on Social Security reform continues to percolate, one of the frequent topics in the debate is extending the amount of time in the workplace. Financial advisors typically cite the delayed retirement credit (DRC) as an avenue to…
Assisting Social Security Recipients in Minimizing Fraud Risk
It’s certainly no secret that seniors are a likely target for scammers and fraudsters, and the frequent hijacking of Social Security numbers, unfortunately, provides a pathway for the criminal element to access these unsuspecting victims. Further, with the risk of…
Maximizing Benefits via a Bridging Strategy
Many folks looking ahead to the decision on when to begin drawing Social Security benefits often seek ways to make their eventual monthly payment as high as possible, and most financial advisors tell them it’s simple: wait until age 70.…
For Those Approaching Social Security: Some Very Basic Fundamentals
If you’re nearing a decision on when to begin drawing Social Security benefits and, especially, if you’re considering filing early, there are some very, very basic questions you need to ask yourself before taking the plunge. If you’ve created a…