How Retirees Can Optimize Their Social Security Benefits with Mary Beth Franklin
Social Security can be an essential stream of income for retirees on a fixed income. Unfortunately, the seemingly endless rules and regulations can overwhelm even the most informed applicants. In today’s Retire Sooner episode, Social Security ace Mary Beth Franklin joins Wes to bring listeners the most up-to-date information and context about avoiding pitfalls and maximizing benefits.
In a dynamic conversation, Wes channels the questions of many Americans. He even puts Mary on the hot seat about whether or not Social Security funds will last for future generations. You may be surprised by her opinion.
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Wes Moss interviews expert guests and shares key lifestyle and money habits you can implement now to prepare for a happy and early retirement.
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Пікірлер: 13
What about taking social security before fra until fra and then suspending until age 70 to grow payment by 8%/yr? It is on the website if you look it up but two people from social security assured me this was not true until I referred the second one to the provision. How scary how little you can depend on their knowledge of the law
Unless you are way wealthy, Social Security is going to matter, and be an important part of your plan. For us, despite having 7 figures in our portfolio, it is huge. We expect $7000 monthly from SS!. That is enough to cover ALL our basic expenses. As to Social Security in the future, there will be no major changes for CURRENT Enrollee’s benefits. However, future enrollees will see some changes in taxes and claiming ages. I can see them taxing high net worth retirees more on their benefits or means testing. As she said, we won’t run out of money, just run out of reserves and excess. It is primarily a demographic problem.
I need to know if I was supposed to sign up 3 months before 62 if thats what i decide to do. Also, noone talks about if a spouse becomes disabled at 58, how does that affect the spousal amount that the wife can collect.
Good gouge but she's leaving out some of the more grainer details. If you're working and collecting SS "retirement," you're benefit will be adjusted to reflect your current contribution, but NOT if you're collecting SSD or SSI. For these people, the question remains will their earned wages during this period be credited back once they convert from SSD / SSI to FRA retirement benefit or do those contributions permanently disappear into a black hole.
Here's a great question - How does a teacher of almost 40 years, only receive about $2500 per month in SS?
@Newlinjim
3 ай бұрын
Poor planning on career choice income when viewed through the lens of a livable retirement.
@cobaltbroker
3 ай бұрын
Most teachers are government employees and receive pensions, not SS.
@matt75hooper
2 ай бұрын
You had every weekend & Summers off for 40 years. Talk to the hand.
Please use a more modern scenario. Many women's benefits are as much or more than their husband's. I didn't step up to anything when widowed--my benefit was already higher than spouse's.