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The simplest way to grow your savings

With Social Security replacing only about 40% of pre-retirement income, there is an urgent need for workers to save more money.  Automatic savings through payroll deduction is the easiest way to save, as the money is deducted before it can be spent.  Workers should invest in their company 401k plans or in an individual retirement account (IRA).  Maurie Backman stresses the importance of paying yourself first in this article and cites a 2018 study where 58% of Americans have less than $1,000 in the bank.  Read full piece here.

The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security.  This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options.  Learn more about this service via the Foundation’s website.


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Comments On This Topic

  1. Do I have to wait until I turn 67 to get full benefits or can I retire earlier that year and still collect full benefits

    • In order for you to get 100% of the Social Security benefit you have earned from a lifetime of working, you need to reach your full retirement age, which in your case is 67. That means that to get the full benefit you must apply for your benefits to start effective the month you turn 67. If you start your benefits any earlier, the benefit amount will be reduced by 0.556% for each month earlier than age 67 that you claim. If you were to wait beyond your FRA to claim, you’ll earned delayed retirement credits of 8% per year you delay (0.667 per month of delay), up to age 70 when your benefit would be 24% more than it would be at age 67.
      Russell Gloor, Certified Social Security Advisor, The AMAC Foundation

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