One of the more frequent questions we field at the AMAC Foundation’s Social Security Advisory Service deals with the restricted application (RA) rules that were changed with the Bipartisan Budget Act of 2015. Prior to that Act, folks could apply for Social Security benefits but restrict the scope of that application to something other than their own retirement benefits. Most commonly, the RA was used (by those eligible) to apply for spousal benefits only while allowing their own retirement benefit to earn delayed retirement credits, and then switch to their higher benefit later. This option was eliminated by the Act for everyone EXCEPT those born before January 2, 1954. Anyone born after January 1, 1954 cannot use the RA to apply for spousal benefits only. Money Talks News’ Russell Settle, in a post today finance.yahoo.com, discusses this issue in response to a reader question. Read his post here…
AMAC has been actively and aggressively focused on Social Security’s long-term future for the past decade, with Founder Dan Weber leading the charge for many years with his vision of how best to address the problem. His insights into the program’s funding mechanisms and his understanding of the demographics associated with the current and future participants in this critical senior program were the origin of Association’s position, resulting in the AMAC Social Security Guarantee.
The Social Security Guarantee (SSG) has undergone several iterations since its 2014 creation, each time adjusting the components to accommodate evolving conditions. Most recently, AMAC convened a dedicated working group to evaluate Social Security’s worsening financial trajectory and recommend changes to the SSG that would lead to its preservation and its modernization to meet the challenges of 21st Century economics. This process examined many proposed solutions presented in recent Trustees Reports and selected the alternatives felt to be best suited to save Social Security’s retirement trust fund. These proposals have been combined with our own research to achieve what we believe to be the best path to long-term trust fund solvency without the necessity of tax increases.
Contact AMAC Action (AMACAction.org) for further detail on AMAC's stance on addressing the Social Security long-term solvency dilemma.
In 2013, AMAC—The Association of Mature American Citizens—took a big step with the creation of the AMAC Foundation, Inc., a registered 501(c)(3) non-profit entity designed to serve Americans. The Foundation’s mission is to help protect and ensure the financial security, health, and social lives of current and future mature Americans, and to help Americans navigate the bewildering array of decisions they need to make.
The Foundation’s projects and plans include providing factual information that improves understanding of the positive value of Social Security and Medicare and the current and long-term challenges these programs face, as well as providing interpretations by Certified Social Security Advisors through AMAC publications, workshops, webinars, podcasts, and telephone support.
In addition, the Foundation serves all Americans in a variety of capacities, including provision of a source of education on the principles of American Free Enterprise, long-term retirement financial planning, and preparing for life—and potential employment—after retirement.
