Social Security
Avoid these three costly mistakes
Social Security provides a foundation of retirement protection for nearly all people in the U.S. Social Security provides a guaranteed, progressive benefit that keeps up with increases in the cost of living. However, there are no guarantees on how much…
Should you should retire now?
You can begin your Social Security retirement benefits as early as age 62. However, If you start receiving benefits early, your benefits are reduced. You are entitled to full benefits when you reach your full retirement age. If you delay…
Social Security Filing Strategies…The Importance of Fully Understanding the Rules
Let’s start with an understatement…Social Security is complex. The issues of when to file, and how to file, for benefits are something we deal with repeatedly in the AMAC Foundation Social Security Advisory Service. Many folks come to us with…
SSA Website Upgrades Driven by Customer Feedback
In an era of improving the customer experience, the Social Security Administration (SSA) has implemented significant improvements to its online presence, as explained by SSA’s acting chief business officer, Eric Powers n an interview with Federal News Network reporter Tom…
CATO Offers Thoughts on Stabilizing Federal Debt…and They Involve Social Security
In a post on cato.org, Cato Institute’s director of budget and entitlement policy, Romina Boccia, offers a set of benchmarks Congress should consider before finalizing a decision on the 2023 federal debt limit. As should be expected, her suggestions include…
Qualifying for Spousal Benefits in a Divorce Situation
The rules surrounding the availability of Social Security benefits for divorced spouses can seem a bit daunting at first look. In a nj.com article by Karin Price Mueller, the set of parameters applied to benefit eligibility for a divorced spouse–in…
Understanding How the 2023 COLA Relates to Your Benefit Amount
Something that’s often overlooked when assessing retirement cash flow in an early retirement situation is the math behind the application of annual cost-of-living adjustments (COLAs). CNBC personal finance reporter explains how an early filing decision leads to a curtailment of…
The Early Filing Question (Again)–More Viewpoints
One of the most frequent questions we receive here at the AMAC Foundation’s Social Security Advisory Service deals with when to start drawing retirement benefits, and specifically the economics associated with starting at the earliest possible age (62). We typically…
Another Indictment of Social Security’s COLA and its Inadequacy
Sure, the 8.7% cost-of-living adjustment showing up beginning this month in beneficiaries’ monthly payments is welcomed relief, but the question of how well it compensates for inflation is subject to frequent questions. In a nasdaq.com post by Bram Berkowitz, the…
Incoming House Budget Committee Chair Signals Intent to Act on Social Security
As anticipated, the 118th Congress has opened the door for movement on resolution of Social Security’s longstanding solvency problem. Rep. Jodey Arrington (R-Texas) has proposed using an “…upcoming debt-limit deadline to prompt negotiations on the solvency of major programs such…