CNY regional job growth mixed in April compared to a year ago

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Four Central New York sub-regions added jobs in the last year while two shed positions. The Syracuse, Utica–Rome, Watertown–Fort Drum, and Binghamton regions gained jobs between April 2022 and this past April. At the same time, the Ithaca and Elmira metro areas lost jobs in the same period. That’s according to the latest monthly employment […]

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Broome County upgrades softball complex

Construction, Design & Real Estate, Regional News, Sports, Entertainment & Tourism, Subscriber Only

DICKINSON, N.Y. — From a new name to new turf, Broome County’s softball complex on Front Street is getting a $4 million overhaul, expected to wrap up this summer. Crews are performing several upgrades to the four-field facility, according to Brenda Growe, the county’s director of parks, recreation, and youth services. “We are converting it

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DICKINSON, N.Y. — From a new name to new turf, Broome County’s softball complex on Front Street is getting a $4 million overhaul, expected to wrap up this summer.

Crews are performing several upgrades to the four-field facility, according to Brenda Growe, the county’s director of parks, recreation, and youth services. “We are converting it to turf,” she says, along with adding lights.

Those two changes alone are huge in terms of when and how long the fields can be used, she notes. The Doubleplay Series by FieldTurf surface not only extends the playing season from March through November, adding almost a month at each end, but also allows players to play longer each day, Growe says. The turf also provides a much quicker return-to-play time after inclement weather.

All of that means that once the project is complete, the complex will boast four tournament-worthy fields, she says, and Broome County will be actively bidding to host future tournaments.

The complex already hosts the Section IV championships, and the county plans to bid on the state championships, currently held on Long Island.

“The intent is that this is going to be an economic generator as well,” Growe says. As a softball mom, Growe travels along with her daughter for tournaments and sees the thriving communities that surround the sports facilities.

Until December 2022, the county-owned facility was leased out to another operator, whom Growe declined to name. After realizing the opportunities a sports facility can offer, the county took over operations this year and funded the renovation project.

Work will also include sprucing up the existing concession building a bit and renovating the dugouts, she says. Currently, visitors to the complex must bring their own seating. Growe hopes to eventually add bleachers.

Clark Companies, an athletic-field builder in Delhi, is the general contractor and Chenango Contracting, Inc. of Johnson City is installing the turf. Work began in March and should wrap up in mid-July to late-July, Growe says.

“We’re definitely planning to have some tournaments there in the fall,” she adds.

The fields, when fully booked, could draw as many as 2,500 people a weekend, according to Growe. Over the course of a season, that really adds up, she says, and all those people will need places to eat, will stop to buy gas, and will visit restaurants and grocery stores to eat.

Working with the Greater Binghamton Chamber of Commerce, Growe says they estimated the economic impact to businesses and hotels would be about $2 million annually.

On top of those visitors, the complex is highly visible along Front Street, with hundreds of vehicles driving past daily. Broome County is hoping to capitalize on that visibility by marketing the naming rights for the complex. The county is accepting bids through May 31 for those rights, and Growe says she is also working with other entities on various sponsorship opportunities including signage and windscreens.

Along with being included on signage that will be visible in the complex and from surrounding roadways, the naming sponsor will also be included on all media and materials that promote the fields and events taking place there.

SUNY Poly receives funding to participate in transportation study

Health Care, New York News, Nonprofits, Regional News, Subscriber Only, Technology

MARCY, N.Y. — The U.S. Department of Transportation has awarded SUNY Polytechnic Institute funding that is part of a broader $5 million research effort, spearheaded by City University of New York (CUNY), to assess public transportation and infrastructure needs. SUNY Poly’s Albany and Marcy campuses, as part of the new Center for Social and Economic

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Firms miss out on incentives for offering retirement plans

Employee Benefits & Human Resources, Insurance & Financial Services, Subscriber Only

Many employers — particularly small-business owners — may not be taking advantage of some new incentives connected with setting their employees up for retirement success, according to one area wealth-management expert. Two laws covering retirement planning bookended the COVID-19 pandemic, with the SECURE Act passing in late 2019 and the SECURE Act 2.0 becoming law

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Two laws covering retirement planning bookended the COVID-19 pandemic, with the SECURE Act passing in late 2019 and the SECURE Act 2.0 becoming law on Dec. 29, 2022, says Gregory Tedone, senior advisor and head of retirement plans for Utica–based Strategic Financial Services.

“A lot happened during or right after the pandemic,” he says, and businesses may have missed hearing the news as a result. That is especially true for the tax credits available to small businesses through SECURE 2.0.

The goal of both laws, and especially SECURE 2.0, is to promote retirement savings and encourage employers to offer retirement-planning options to employees.

Anywhere from two-thirds to three-quarters of small businesses don’t offer a retirement plan to their employees, Tedone says. That’s because it’s expensive to set up and administer those plans.

SECURE 2.0 tries to remedy that by offering tax credits to businesses to start a plan, automatically enroll employees into that plan, and make employer contributions.

Employers may claim up to 100 percent of qualified startup costs for adopting and maintaining a new 401(k) plan, Tedone notes. The maximum credit is $5,000 a year, and the credit is available for the first three years of the plan.

Those tax credits, for many small businesses, will cover the cost of establishing and administering the plan during those early years. Then, the next credit can kick in once the plan is well-established and the employer is ready to make contributions, Tedone notes.

Employers who contribute to their 401(k) plan may claim $1,000 per eligible employee per year. Eligible employees are those who make less than $100,000 per year. Workers may claim the tax credit for five years.

For adding an automatic enrollment feature to a new or existing plan, employers are eligible for a $500 tax credit. Previously, an employee had to opt into the retirement plan, Tedone says. Now, with auto-enrollment, participation is around 90 percent, on average. “It’s really helping people get saving,” he says.

Finally, a big benefit that came with SECURE is the ability for employers across all industries and sizes to join pooled employer plans together, Tedone shares. Rather than having to go out on their own and establish a plan, unrelated employers can join a bigger plan together, making the plan more efficient and affordable. While not as customizable as an individual plan, pooled employer plans can be a great entry point for a business looking to establish a retirement plan, he says.

While all of those benefits and tax credits are there to entice employers to establish plans, the ultimate goal, Tedone says, is to assist people with planning ahead for retirement.

Social Security generally only replaces a small portion of someone’s working income, he says, and most people need some other form of retirement income to fill the gap and maintain their standard of living.

Employers may not realize that helping employees plan for retirement also benefits them, he adds. Most employees plan to retire around age 67, when they can collect the full amount of Social Security, but those who haven’t saved for retirement tend to keep working longer.

In turn, employees who have been there for a long time or are older can cost employees more in salary, health-care costs, and other expenses, Tedone explains. A good retirement plan allows for natural turnover in the workplace.

“A 401(k) plan, when performed correctly, it really helps recruit, reward, retain, and we’re even saying retire employees,” Tedone says.

BPAS reaches $125M in revenue as it commemorates 50th year

Insurance & Financial Services, Regional News, Subscriber Only

UTICA, N.Y. — As it celebrates a half century of doing business, Benefit Plans Administrative Services (BPAS) has grown into a $125 million revenue company, with much of that growth occurring in the last two decades. The national provider of retirement plans, benefit plans, fund administration, and institutional trust services marked its 50th anniversary in

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The national provider of retirement plans, benefit plans, fund administration, and institutional trust services marked its 50th anniversary in May and says it is celebrating with clients and the community throughout the year.

In the months ahead, BPAS will release a series of videos on the company’s website and social-media channels featuring interviews with some of the company’s key employees from the past and present talking about the company’s history and future.

Jerry Mayer, now 84, started BPAS from his Utica home back when retirement plans were administered on paper and his teenage daughter was one of his first employees. Mayer grew the business through the 1980s, when he and his brother had to write their own software to handle the growing requirements of the business, the company says.

“I am an optimist,” Mayer said in a BPAS press release. “We built our firm with integrity and with good people. The people we hired really mattered to us, and the clients we worked with did, too.”

DeWitt–based Community Bank System, Inc. (NYSE: CBU) acquired BPAS in 1996. Barry Kublin spearheaded the transaction and then led the company’s growth during his tenure as CEO until he retired in 2021. Paul Neveu replaced him as BPAS CEO that year.

“We never defined ourselves as qualified benefit-plan administrators,” Kublin said. “Rather, we defined ourselves by our people, technology capabilities, and market opportunities.

BPAS has been on quite the growth trajectory since joining Community Bank System.

Mark Tryniski, Community Bank System CEO and president, noted, “When I started with the bank in 2003, the revenues of BPAS were somewhere in the $13 million range, and today it’s a $125 million dollar business. So it’s been a tremendous story of growth and success. But it’s also a story that starts and ends with the fact that we care for our clients, and we care for each other. It’s our culture that has made this company thrive.”

Today, BPAS supports more than 4,500 retirement plans with $110 billion in trust assets and $1.3 trillion in fund administration.

Along with its Utica office in a business park, BPAS has offices in Buffalo, Manhattan, Rochester, and Syracuse, New York; as well as Boston, Massachusetts; Houston, Texas; Minneapolis, Minnesota; Parsippany, New Jersey; Philadelphia, Pennsylvania; Sioux Falls, South Dakota; Spokane, Washington; and San Juan, Puerto Rico.

BPAS employs 410 people and serves more than 620,000 participants across the U.S. with services including workplace retirement plans, actuarial and pension, health-benefit consulting, IRA, VEBA HRA, health and welfare plans, fiduciary, collective-investment funds, fund administration, and institutional trust.

Summit FCU receives NCUA’s ‘well capitalized’ rating

Banks & Credit Unions, Insurance & Financial Services, Nonprofits, Subscriber Only

The National Credit Union Administration (NCUA) has the Summit Federal Credit Union (FCU) rated as “well capitalized,” representing NCUA’s highest rating category for credit union net worth. Kofi Appiah Okyere, treasurer of the Summit FCU board of directors, shared the information during the organization’s May 10 annual meeting. He was discussing the credit union’s financial

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Visions FCU assets grow more than $2B under decade-long leadership of CEO Muse

Banks & Credit Unions, Employee Benefits & Human Resources, Insurance & Financial Services, New York News, Nonprofits, Regional News, Subscriber Only

ENDWELL, N.Y. — The assets of Endwell–based Visions Federal Credit Union have grown by more than $2.3 billion in the 10 years in which Ty Muse has served as its president and CEO. Visions now employs more than 900 employees, who serve more than 250,000 members through its bilingual contact center, digital banking, hundreds of

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ENDWELL, N.Y. — The assets of Endwell–based Visions Federal Credit Union have grown by more than $2.3 billion in the 10 years in which Ty Muse has served as its president and CEO.

Visions now employs more than 900 employees, who serve more than 250,000 members through its bilingual contact center, digital banking, hundreds of ATMs, and more than 50 branches throughout its three-state footprint in New York, New Jersey, and Pennsylvania.

Muse marked a decade in leadership in May. The Visions board of directors, employees, and Muse used the milestone to recognize the credit union’s “growth and impact” over the last 10 years and to “establish their vision for the next ten,” per a June 5 announcement.

First 10 years

When he first became president and CEO in May 2013, Visions was on the brink of major expansions and innovation after merging with credit unions in New Jersey and Pennsylvania. To handle the increasing membership, Muse’s focus turned to business “performance, technology, and scalability,” Visions said.

“We don’t sit around and wait. We invest time and resources in the ways we’d like to see the business go and grow,” Muse said in the release.

Another “significant” change during Muse’s tenure has been the reshaping of Visions’ mission.

Since Muse coined “Make Visons Matter” as the credit union’s mission, the organization has given more than $10 million in donations and grants to community organizations; integrated financial literacy and internship opportunities into more than 10 public school districts with the Visions Business Academy; and improved employee benefits and workplace culture within the organization, the credit union stipulated.

Muse plans to remain in his role for another 10 years to guide and oversee Visions’ “continued growth.”

“I can see Visions serving half a million to a million people that can’t wait to tell their family and friends about this great credit union they belong to,” Muse said. “And we’re here for them, supporting their financial well-being and doing what we can to help them live their best lives.”

Besides his work with Visions, Muse currently serves on the board of directors of CUNA (Credit Union National Association) Mutual Group; Excellus Lifetime Care; Filene Research Institute; Greater Binghamton Chamber of Commerce; Binghamton University Foundation; and the Community Foundation for South Central New York.

He is a recipient of the Greater Binghamton Chamber of Commerce 2019 Civic Leader of the Year Award and the Broome County 2018 Distinguished Citizen Award from the Boy Scouts of America, Visions said.

In 2022, he was inducted into the CUES (Credit Union Executives Society) Hall of Fame and received the Pete Crear Lifetime Achievement Award from the African American Credit Union Coalition.

EBRI survey finds decline in Americans’ retirement confidence

Insurance & Financial Services, Subscriber Only

“The confidence both workers and retirees have in their ability to finance their retirements dropped significantly in 2023. The last time a decline in confidence of this magnitude occurred was in 2008 during the global financial crisis,” Craig Copeland, director of wealth benefits research at EBRI, said. “This shows that the current economic climate, in

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The 2023 survey of 2,537 Americans was conducted online from Jan. 5 through Feb. 2, 2023. All respondents were ages 25 or older.

The survey included 1,320 workers and 1,217 retirees and this year included an oversample of roughly 944 completed surveys among caregivers (598 workers and 346 retirees). A report on the findings among caregivers will be released this summer.

“Workers worry that their salaries won’t keep up with inflation and report more debt, while retirees worry about cost of living and expenses,” Lisa Greenwald, CEO of Greenwald Research, said in the EBRI report. “Half of retirees report that their overall spending is higher than expected, an increase over last year’s one-third, and the share of retirees who feel their retirement lifestyle is worse than they expected is slowly growing.”

Greenwald Research is an independent research firm specializing in retirement, employee benefits and health-care research for more than 35 years.

The nonprofit Employee Benefit Research Institute calls itself an independent and unbiased resource organization that provides the “most authoritative and objective” information about critical issues relating to employee-benefit programs in the U.S.

Key findings

The report on the 2023 Retirement Confidence Survey had some key findings that included the following.

Americans’ confidence that they will have enough money to live comfortably throughout retirement declines.

Compared with 2022, both workers’ and retirees’ confidence in having enough money to live comfortably throughout retirement “significantly” dropped from 73 percent in 2022 for those being very or somewhat confident to 64 percent among workers, and from 77 percent to 73 percent among retirees.

The last time the survey found a decline in confidence of this magnitude was in 2008 during the global financial crisis. Eighteen percent of workers report feeling very confident. While retirees’ confidence is slightly higher than workers’, still only 27 percent say they feel very confident. Among those who do not feel confident, four of 10 workers and a quarter of retirees state it is due to having little to no savings.

Inflation also has a “large impact” on Americans’ certainty with 29 percent of workers and 42 percent of retirees stating this is the reason for their lack of confidence, per the EBRI report.

Both workers and retirees report high concerns about inflation and its impact on their savings and spending.

The effects of inflation are “heavy” on Americans’ minds, as 84 percent of workers and 67 percent of retirees are concerned that the increasing cost of living will make it harder for them to save money, per EBRI. Four in 10 workers and 3 in 10 retirees are not confident their money will be able to keep up with inflation in retirement, which is a “significant” increase compared with the third of workers who felt this way last year.

Americans’ ability to finance their expenses is in question, as 73 percent of workers and 58 percent of retirees are concerned they will have to make “substantial” cuts to their spending due to inflation, the report said.

Workers’ debt levels are on the rise and are negatively impacting their ability to save for retirement.

More than four in five Americans feel knowledgeable about managing their day-to-day finances. Despite the confidence in their financial knowledge remaining high, workers’ debt problems appear to be worsening in 2023. “Significantly” up this year compared with 2022, more than six out of 10 workers report their debt is a problem. However, consistent with last year, 34 percent of retirees report the same, EBRI said.

While Americans try to prepare for retirement, drops in the value of retirement accounts have caused concern.

Half of Americans have tried to calculate how much money they will need to save to have a comfortable retirement. At least seven in 10 workers and retirees say they have personally saved money for retirement. However, Americans’ retirement savings have taken a hit this year.

Forty percent of workers and 58 percent of retirees report that their retirement-account balances have decreased over the past 12 months.

Understanding of retirement-plan investment options is lacking for some and many don’t consider their plan provider a go-to source for retirement-planning information and advice.

Many workers feel they understand the investment options their workplace-retirement plan offers. Seven in 10 workers are confident they can choose the right investment options for their situation. However, about four in 10 admit they don’t understand Target Date Funds, three out of 10 workers don’t understand managed accounts, and half do not understand ESG investment options, the report stated.

Many workers aren’t using professional sources of information and advice that can help improve their investment know-how. A large portion of workers (40 percent) turn to their family or friends when seeking information about retirement planning, while only two in 10 turn to their workplace-retirement plan provider.

Americans’ confidence in Social Security remains mostly unchanged, but worker confidence in Medicare has declined.

Both workers’ and retirees’ confidence in Social Security remains unchanged as well, as half of workers and 7 in 10 retirees feel at least somewhat confident that the benefits provided will continue to be at least equal in value to the benefits provided today.

However, workers’ confidence in Medicare has “significantly” decreased, with just half who feel at least somewhat confident it will continue to provide benefits that are of equal value to today, per the report.

Workers are confident they know how much to withdraw from their retirement savings. However, they have different expectations of the role many income sources will play in retirement compared with today’s retirees.

Despite being down from last year, nearly two-thirds of workers are still confident they know how much to withdraw from their savings and investments in retirement. Retirees’ confidence in their knowledge remains steady, with a quarter being very confident.

Workers are more likely to expect income from personal retirement savings, IRAs, work for pay, products that guarantee monthly income, and financial support from family and friends than what retirees currently report being sources of income.

In contrast, workers are less likely to expect Social Security to be a source, whereas almost all retirees report it as a source of income in retirement, EBRI stated.

When describing their asset goals, half of retirees report they try to maintain their asset levels. Fewer than last year aim to grow their assets.

Additionally, two-thirds of retirees report their financial priority in retirement is income stability over maintaining wealth. Workers share this sentiment as almost three-quarters say they would prioritize income stability, per the report.

VIEWPOINT: Communities benefit when access to financial health is inclusive

Business Mentors, Insurance & Financial Services, Subscriber Only

For business leaders who have achieved success professionally and personally, the things that come easily to you may seem insurmountable for some of your employees. Whether it’s gaining experience or building credit, getting a first foot on the ladder of success can feel out of reach for many. The Federal Reserve Bank (FRB) tracks household

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The Federal Reserve Bank (FRB) tracks household statistics that have an impact on the country’s overall economic health and activity, and its Economic Well-being of Households 2022 report, released in May 2023, showed that six percent of adults in the U.S. are “unbanked.” This term is used for individuals who do not have a checking or savings account, or access to financial services such as loans or credit cards. Young adults, those with low income, Black and Hispanic adults, and adults with a disability are disproportionally affected, with higher rates of unbanked adults than the general population.

An additional segment of adults described as “underbanked” are defined as those having some access to services like bank accounts, but with limits that drive them to use alternative products to address gaps in their financial needs. Underbanked adults with household incomes below $50,000 were more than twice as likely to have paid overdraft fees than households with annual incomes of $100,000.

Both underbanked and unbanked households rely on financing alternatives to traditional banks, which both fill a role and cause additional financial hardship. These options — such as payday loans, money orders, pawn shops, and check cashing services — come with high fees and interest rates that far exceed traditional banking products. If these services are someone’s only option when things get tight, it can feel impossible to ever get ahead, and lead to increased debt loads and the potential for collateral loss.

Many seek out and rely on these options, believing they are locked out of traditional banking products.

This has ramifications for individuals, for their impact at work and for our communities as a whole. Think of the big-ticket items that are commonly financed — cars and homes. Reliable transportation is a must for many who work, but without access to credit it’s hard to find. Homes offer the chance to build equity and wealth over time, but without access to credit, owning a home is out of reach.

There are two important components to improving the financial resilience of people within our community. The first is developing products that meet their needs, designed to avoid common barriers. The second is an educational component — for bank branch staff, for those looking to build sound financial habits, and for the employers of these individuals.

To address the first aspect, NBT Bank has partnered with the Cities for Financial Empowerment Fund (CFE Fund), which works with local governments and organizations to improve the financial stability of low-income and moderate-income households. Working with the CFE Fund, NBT designed a no-fee account that meets the criteria of the CFE Fund’s “Bank On” initiative to ensure that everyone has access to a safe and affordable bank account. The new account offers those with no banking history access to traditional banking services, such as debit cards and digital access, while eliminating potential stumbling blocks such as minimum-balance requirements and overdraft fees.

Organizations such as the CFE Fund and its Bank On initiative are having a real impact by establishing clear, uniform standards and enhancing economic inclusion.

On the second aspect, education and training are truly critical for everyone involved. Ensuring that bank branches have well-trained employees means they are recommending the right products, ensuring a higher chance of success. And for new account holders, developing the right financial habits is key to building a solid foundation.

When employers receive financial questions from employees, the employer needs to know how to recognize indicators of financial distress and know what local resources are available to their employees. As an employer, reach out to your banking partners to inquire about financial-literacy programs that they may be able to provide to your employees.

Just as a journey of a thousand miles starts with one step, the road to financial health begins with a bank account. Expanding economic inclusion is about understanding our role in supporting both individuals and communities. The benefits are happier, less-financially stressed people and stronger, more vibrant businesses and communities.

Lori Teifke is NBT Bank’s Central New York territory manager, leading the retail teams in Onondaga and Oswego counties. She joined NBT Bank in 2008 through the Alliance Bank merger and has more than 20 years of banking experience.

Ask Rusty: I’m Concerned About Social Security Solvency

Business Mentors, Employee Benefits & Human Resources, Insurance & Financial Services, Subscriber Only

Dear Rusty: I retired at age 58. My husband and I worked 40 years of employment each. I had a 401(k) only — no other benefits. We saved, we invested through our financial advisor, and have done okay watching our investments grow (except for the last three years). Neither my husband nor I have taken

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Dear Rusty: I retired at age 58. My husband and I worked 40 years of employment each. I had a 401(k) only — no other benefits. We saved, we invested through our financial advisor, and have done okay watching our investments grow (except for the last three years). Neither my husband nor I have taken Social Security; we were both waiting until age 70 to get full benefits. Do you think this is still wise? I’m concerned there will not be any funds in five years when we both turn 70.

Signed: Concerned Senior

Dear Concerned Senior: Your question relates to Social Security solvency, no doubt inspired by the recent spate of media discussion on this topic. Most articles I’ve read promote a “doomsday” scenario and, in fairness, Social Security’s financial issues are serious. The latest report from the trustees of Social Security warned Congress that the reserves now held in Social Security’s Trust Fund (which enable full benefits to be paid) will be depleted as early as 2033. What you may not know is that this is not new news — the trustees have sounded the same warning for decades to multiple Congresses, which have neglected to enact corrective measures. And, unfortunately, Congress is likely to continue to drag its feet for a while because the reform needed is not politically palatable and the impact is still a few years away.

Nevertheless, although Social Security’s looming financial issues are serious, they are not fatal. Congress already knows how to fix Social Security’s financial issues — it just currently lacks the bipartisan spirit and political will needed to do so. The clock, however, is ticking and Congress will be forced to act soon, which we are confident will happen before the Trust Funds run dry. What motivates most politicians is getting reelected and allowing an across-the-board cut to all Social Security (SS) recipients (which would happen if the Trust Fund reserves were depleted) would be political suicide. Therefore, I’m confident that reform will occur in time, and I don’t suggest changing your Social Security claiming strategy over worries about Social Security’s solvency.

Let me further allay your fears by explaining what would hypothetically happen in the worst-case scenario (if Congress doesn’t act and Trust Funds are depleted). If that were to occur, when the reserves are depleted in about 2033, everyone would face an across-the-board benefit cut. Social Security can’t go bankrupt because there would still be about 175 million workers contributing to the program but, since SS (by law) can only pay benefits from revenue received, everyone’s benefit would be reduced by about 23 percent (according to the trustees). Every beneficiary would still get benefits, but only to the extent available from income received. That brings me to your specific question —whether it is still wise to wait until age 70 to claim (or to claim your benefits now).

Ask yourself this question: which would result in a larger monthly payment, a 23 percent cut to your age 70 SS payment amount, or a 23 percent cut to your current benefit amount? The answer, of course, is that your monthly payment would be more if you stay with your current strategy and wait until age 70 to claim (a plan which I assume you developed considering your current financial needs, as well as your life expectancy, both of which are important to that decision).

Again, I do not believe the worst-case scenario will happen. Congress already knows how to restore Social Security to full solvency, and it will almost certainly act in time to avoid an across-the-board cut to everyone’s benefit. The Association of Mature American Citizens (AMAC) has proposed legislation that would restore the Social Security program to full solvency for generations without raising payroll taxes — a summary of which you are welcome to review at: www.amac.us/social-security. AMAC has provided this proposal to various members of Congress for consideration.

Russell Gloor is a national Social Security advisor at the AMAC Foundation, the nonprofit arm of the Association of Mature American Citizens (AMAC). The 2.4-million-member AMAC says it is a senior advocacy organization. Send your questions to: ssadvisor@amacfoundation.org.

Author’s note: This article is intended for information purposes only and does not represent legal or financial guidance. It presents the opinions and interpretations of the AMAC Foundation’s staff, trained and accredited by the National Social Security Association (NSSA). The NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity.

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