Social Security
More on “Bridging” Strategies to Enhance Retirement Income
Outliving one’s financial resources is a reasonably common fear among retirees, both current and future retirees. When coupled with the impact of claiming Social Security benefits early, that is, before monthly payments are maximized, this fear can be rather significant.…
The Social Security Trust Funds Explained
Social Security’s financial picture, dismal as it might be, is typically misunderstood. Those unable to grasp its relationship to overall federal governmental finances characterize it as a “Ponzi scheme.” Others persistently claim that money has been “stolen” or “misappropriated” from…
Further clarification on the “Senior Bonus Deduction”
The $6,000 per filer bonus income deduction enacted via the One Big Beautiful Bill Act has generated quite a bit of discussion since its July 4 arrival, much of it dealing with its mechanics at tax filing time. As explained…
Taking a Look at Social Security’s Chatbot
Customer service at the Social Security Administration continues to draw attention in the wake of Department of Government Efficiency (DOGE) activities earlier this year. One of the more recent innovations undertaken in this regard is SSA’s recent reliance on an…
A Thought on Increasing Social Security’s Revenue Picture
Addressing Social Security’s long-term financial problems typically comes down to two fundamental moves: increasing the incoming revenue or decreasing the outgoing benefits. Either move presents challenges for policymakers, and that’s why there’s a constant search for new and novel approaches.…
Why doesn’t COLA Keep up with Inflation?
It happens every year. Here at the AMAC Foundation’s Social Security Advisory Service we start receiving questions about next year’s Cost-of-Living Adjustment (COLA) in mid- to late-September. Sometimes the inquiries come from reporters seeking inside information to include in an…
Ask Rusty – Can I Claim My Own SS Benefit Now and Get Half of My Husband’s Benefit Later?
Dear Rusty: I would like to get an answer concerning taking my Social Security benefit soon and switching to my spouse’s benefit when he begins to take his. I am 64 years, 9 months old and my husband is 65…
Why is Social Security so confusing?
Social Security has over 2,700 rules! To make it even more confusing, the SSA website has over 110,000 pages! Then, to make it even more challenging, the rules for different topics aren’t always located in the same section. You have…
Should I delay taking my Social Security until 70?
If you are in a position to delay taking Social Security until 70, it does have its benefits. Your benefit increases by 76% between the ages of 62 and 70. It doesn’t matter if your full retirement age (FRA) is…
Should the US require mandatory retirement contributions besides Social Security?
The United States received a C+ in the 2024 Mercer CFA Institute Global Pension Index because it relies heavily on voluntary savings plans. Other countries require mandatory contributions to personal retirement savings. There are two types of retirement plans, and…