Social Security
Who gets my Social Security when I die
Social Security recipients ask: What happens to my Social Security benefits once I die? Your Social Security benefits will stop; however, your loved ones may still be able to claim on your earnings record. The Social Security Administration states, “Certain…
Some of Social Security’s rules change every year
Around October 12th, the federal government will announce some of the new Social Security rules for 2024. Among those new rules will be the 2024 COLA, a higher wage cap for tax purposes, and a higher earnings threshold for earned…
How people will be impacted by Social Security cuts
In 2023, an average of almost 67 million Americans per month receive a Social Security benefit. Social Security is the major source of income for seniors. But the Social Security Trust Fund is in trouble if not resolved; there is…
Social Security rules can be complicated, many people don’t even realize when they made a mistake
Social Security benefits, on average, account for almost 40 percent of retirement income and, therefore, is an important source of income for most U.S. retirees. Social Security becomes more important the longer a person is retired, often accounting for 50…
Surpluses Running Dry. What do Americans Want to do About it?
Social Security faces an inability to pay promised benefits under current law in about 10 years. Selena Marnajian explains the issue, the more than 20% cuts that will occur for all, and the possible fixes. More income can be taxed.…
Social Security Claws Back Money, Leaving Recipients Baffled
In this long, comprehensive piece, authors David Hilzenrath and Jodie Fleischer explain how the Social Security Administration (SSA) can overpay recipients followed by the long, complex process that ensues thereafter. The SSA is trying to reclaim billions of dollars from many of…
An Analysis of the “File Early and Invest the Cash” Strategy
One of the frequent questions we receive here at the AMAC Foundation Social Security Advisory Service relates to the “when to file” issue, and we typically respond with the benefits of deferring as long as possible (up to age 70)…
Senate Bill to Block Social Security Garnishment Reintroduced
Senator Ron Wyden (D-OR) yesterday reintroduced legislation that would prevent the federal government from offsetting Social Security benefits to compensate for repayment of all non-tax federal debt. The bill would include protection for outstanding debt associated with student loans, where…
Social Security’s “Clawback” Process and the Angst it Produces
To say that Social Security is complex is a clear understatement, and the myriad rules and potential for changes in beneficiary circumstances present a recipe for extremely uncomfortable situations. One such situation is the subject of an article appearing today…
Benefits for Divorced Spouses–A Generally Misunderstood Part of Social Security
The Motley Fool’s Katie Brockman, in a post today on their website, notes that the 2023 Nationwide Retirement Institute survey uncovered a general lack of understanding about the benefits available to eligible divorced spouses. As a result, it’s possible that…