Social Security
When Should You Claim Social Security?
Ahh, the age old question, and the one most frequently asked of the AMAC Foundation’s Social Security Advisory Service – “When should I claim my Social Security?” This Bankrate article by James Royal, Ph.D., explores that question in depth, revealing…
Social Security: The power of delaying
In simplistic terms, the earlier you claim Social Security the smaller your benefit will be; the longer you wait to claim the higher your monthly payment. Reduced SS retirement benefits can be claimed as early as age 62, and your…
Social Security: How Much Will You Get?
Social Security is, inarguably, America’s most important retirement program. You work your whole lifetime contributing to the program, in return for a guaranteed income when your working days are over. And your SS retirement benefit lasts for the rest of…
Hope for the Best; Plan for the Worst
According to a recent survey, 41% of older Americans believe that Social Security won’t exist in its current form for their entire retirement. Probably not an unusual statistic, considering the media attention lately given to Social Security looming financial issue.…
About Fixing Social Security’s Finances
More and more organizations are sounding the alarm – an alarm that the Association of Mature American Citizens (AMAC) has been sounding for years – that Congress must act soon to fix Social Security’s looming financial issues. This InvestmentNews article…
A Complex Problem: Social Security Solvency
For over 8 decades, Social Security has been paying earned benefits on time, providing a crucial source of income for eligible Americans. A Social Security payment has never been missed since monthly payments began in 1940, and a payment has…
About SS Disability and Returning to Work
Social Security Disability Insurance (SSDI) is a lifeline extended to American workers who become disabled and, thus, are unable to earn at their chosen profession. Criteria for SSDI eligibility are strict, including that the disability must be near total and…
How is the Buying Power of your Social Security benefit?
Social Security’s annual Cost of Living Adjustment (COLA) is intended to help recipients keep pace with inflation – but does it? The historic 8.7% increase in 2023 and the more moderate 3.2% COLA increase for 2024, were, without question, welcome…
Can You Live on 40% of your Income?
The answer, of course, is likely not. Reality is that Social Security, an integral part of nearly everyone’s retirement plan, was intentionally designed to replace only about 40% of your pre-retirement income. And for many, especially those with higher income…
The One Social Security Metric that Doesn’t Change
Most Social Security “metrics” (the various factors which affect your monthly benefit amount and the SS payroll taxes you pay) change each year to account for inflation and changes to the national Average Wage Index (AWI). Inflation, obviously, has an…