Social Security
Understanding Social Security’s Lump-Sum Death Benefit.
One of the misunderstandings we encounter at the AMAC Foundation Social Security Advisory Service is the belief that Social Security pays a lump sum benefit to family members in the event of a beneficiary’s death. This is partially true, depending…
Senate Bill S.4877 Would Buy 19 Years
Titled the “Protecting and Preserving Social Security Act,” S.4877 recently introduced by U.S. Senator Mazie K. Hirono (D-HI), would extend the full depletion of Social Security’s trust funds an additional 19 years, to 2054. The length of the extension was…
Time to think about next year’s Social Security COLA.
We’re still about two months away from an official announcement, but the media airwaves are popping with estimates of what next year’s adjustment will be. Some projections put the increase at 2.5%, others leaning toward 2.6% or 2.7%, but it’s…
Claiming Social Security while working can reduce your benefits.
This is true (emphasis on “can”), but many folks mistakenly believe that no matter how old you are, you shouldn’t take Social Security when you’re working because you’ll lose benefits. This misunderstanding is most likely attributed to the Social Security Administration’s…
Thoughts on Preparing Financially for Retirement
As suggested in an earlier post, seniors thinking about how they’ll survive financially in their retirement years is casting a pall on those “golden years.” And to put a finer point on the issue, an article posted by ainvest.com suggests…
Gloomy Outlook Causing Many to Rethink Retirement
With inflation and steadily rising healthcare costs in the picture, many peak-65ers appear to be hedging their plans to jump into retirement. The Alliance for Lifetime Income (ALI)’s 2025 Protected Retirement Income and Planning (PRIP) Study concludes that fear of retirement…
How Lack of Understanding Drives Perceptions of Social Security
CATO Institute’s recent Social Security survey produced results that indicate a fairly broad misunderstanding of the program’s fundamentals. For example, more than half of the 2,200 survey participants were not aware of the “pay as you go” formula used by…
Ask Rusty: I’m Still Confused about Medicare Part A and Part B Enrollment
Dear Rusty: I’m 64 and still working full time, and plan to continue working at least until I’m 70 ~ it’s a good job, and I enjoy it. My job comes with health insurance, so I don’t really need additional…
One of the Most Popular Retirement Ages
When Social Security was made law, the full retirement age (FRA) was sixty-five, the age at which you could receive 100% of your Social Security benefit. Now the FRA has risen to age sixty-seven, depending on the year you were…
Are you on the way to retiring on your own terms?
If you are in your 40s, it’s time to take a serious look at where you stand in preparing for your retirement. Your retirement is now only 20 to 25 years away. You may think that is a long time…