Social Security
Social Security More Important Than Many Think
A recent survey from Provision Living notes just 39% of Americans say they’ll need Social Security to make ends meet during retirement. The study also states the average amount baby boomers say they’ll realistically have saved for retirement is $228,000. However, according to the Bureau of…
Rep. John Larson and The Social Security 2100 Act: It may be back
Social Security reform has been of interest to Rep. John Larson (D-CT) for many years. Larson is expected to be named chair of the Social Security subcommittee on the powerful House Ways and Means Committee. It is anticipated his newest version of The Social Security…
No More Talk; Time to Act on Social Security Reform
Ken Morris, Vice-President of the Society for Lifetime Planning, wrote this opinion piece for the Media News Group. Morris notes the looming insolvency of The Social Security Trust Fund in 2034, a fact displayed at the bottom of all benefit statements…
The Social Security Payroll Tax Does Not Hit All Income
The Social Security payroll tax brings in over 87% of the revenue in order to fund Social Security benefits. Sean Williams writes here about the seven sources of income NOT subject to the 12.4% payroll tax (split evenly between employee…
Health is a key factor in deciding when to take benefits
You can take Social Security retirement benefits at age 62, 70, or any age in between. Every person should put ample thought into the decision, because the age at which one files for benefits will generally dictate how much monthly…
Retirement Withdrawals & Social Security: Be Strategic
Social Security benefits are taxed above a certain threshold, so it is important for all beneficiaries to know what these limits are in order to avoid or at least minimize income taxes on benefits. It is often best to withdraw…
Social Security: Myths, Legends and Fairy Tales
“Put your coat on or you’ll catch a cold.” I lost count of how many times I heard that fairy tale growing up. I’ve even repeated it many times, though I try my best these days to not utter the…
COLA Watch: 2020
It’s way too early to project what the numbers will show when it’s time to post the Social Security cost-of-living adjustment (COLA) for 2020, but at least one source is saying a return to the zero COLA days might be in…
A One-Year Reprieve for Social Security’s Deficit Situation?
Last year’s Tax Cuts and Jobs Act (“Act”) has created what may be a brief respite in the continuing spiral toward a position of insolvency for Social Security, according to a post by The Motley Fool’s Sean Williams. His post suggests that…
Another Attempt at Clearing Up the Bankruptcy Misconception
Many of our readers are aware of the AMAC Foundation’s Social Security Advisory Service, a free-to-the-public source of assistance to thousands of seniors facing the complexities of this massive program. In addition to helping folks interpret Social Security’s detailed rules…