Social Security: How To Maximize Your Benefits -- A Guide For Everyone | Mary Beth Franklin

[@Wealthion]

Download Mary Beth's e-book "Maximizing Social Security Retirement Benefits" at www.maximizingsocialsecuritybenefits.com/book/

[@andreattai7481]

as always it was a fantastic interview: one question: did she say the book is free to download?

[@mommaoinnh2674]

I stayed home with babies for 10 years, so now my college years are included in my earnings record. Life includes much less ‘fun’ after age 80, so retire at 62, so you get 18 years to enjoy your life. The longer you wait, the less time you have to travel and the more health problems will keep you home.

[@onecompass7290]

EVERY person I know who did that is suffering greatly due to inflation and currency devaluation. Almost nothing sucks worse than poverty in old age. That is very very foolish thinking.

[@dirkmoore4224]

Life expectancy has been decreasing for decades. CDC as of March 2022 77 yr. Obesity rates (insulin resistance) number one cause of decreasing life expectancy. More important than counting on SS is eating a proper human diet. Good interview!

[@kapdolkim1914]

Mary Beth Franklin - wow, one of the few people who really understand how SS works. And she can clearly explain it. I tried explaining the same things she just did to many financial people, politicians, etc. and none believed it.

[@hfortenberry]

This was a FANTASTIC interview! Thank you both for this. I am almost 55 and now I feel less worried that I won’t get my benefit. 🙏🙏🙏

[@joannemeeks745]

The absolute best source for Social Security. She is the go-to. Months ago, when I heard her explain the consequence of NOT signing up for Medicare at 65, I was shocked.

[@kriswalter560]

Adam, your videos are so helpful. This one is amazing. What an incredible source on a very important life choice. Thank you!

[@kathyhennigan7807]

While the topic of Social Security possible errors and how to maximize benefits is important, a very big mistake people turning 65 make is not making the timely application for their Medicare benefits which is a separate application. The government doesn't tell you that if you don't apply timely, you will be penalized in premium amounts if you are late making the application. The increase in these premiums continues for the rest of your life. Be sure to make your Medicare application within the required time limits. Most state insurance agencies can help people with this decision. It is as important as when to apply for Social Security benefits.

[@marym5631]

Thanks for this podcast! I turn 60 this month. So beginning my knowledge gathering on this topic. I ran across Mary Beth at the Boglehead conference. Keep up the good work!

[@rabmsn]

Adam, I loved your CONFUSED expressions throughtout this video. You captured perfectly the complexity of SSA! THANK YOU!

[@Zoet50]

Very knowledgeable woman. Important to remember your Medicare payment is deducted from Your social security benefit for most people.

[@Michael-qy1jz]

She isnt smart enough to know SS is NOT funded by anything but taxes they take from the workers currently and give to the recipients. There is NO funds !!!

[@stephenklare1796]

And our benefits are federally taxed which is total BS! That needs to be repealed!

[@Michael-qy1jz]

@@stephenklare1796 America is BROKE broke Broke and they will be taxing your toilet breaks soon!! They didnt hire 87,000 IRS agents for nothing! Lol

[@StanStinson]

Very informative for this 60-year-old. Thanks Adam and Mary Beth. Great information!

[@eb3Variety]

Excellent guest and information Adam. Mary Beth sure knows her stuff. Wealthion is one of the best financial channels and I watch a lot of them. Consistently a “Wealth” of valuable iinformation on finances with great, knowledgeable guests. The host ain’t bad either. 😉 Thank you and keep the great work.

[@rdlouzau8752]

Thank you Adam , Wealthion for the education today many folks needed 🙏 👏 🙌

[@shortbuskid6869]

Social security should be a family trust past on generation to generation. Some family members don't use all they pay in and should be past on to family that gets on social security.

[@MrSean03839]

But that would render the life expectancy part of the equation useless. A certain percentage due younger which helps those that live longer. What you are describing would destroy the program.

[@larry9700]

Spectacular content for people at every stage of planning! I hope some members of congress view this one and get to work!

[@user-99.99]

Great info. I’m two years away from retirement at age 50. Lots to consider even with social security so far away. Thanks so much.

[@maplenook]

A little young

[@chrismoise817]

One item that is rarely discussed is when a spouse has a terminal disease. If it is the higher paid spouse, sounds like it is smart to wait so that the survivor can make a claim on a larger payment. But if it is the lower paid spouse, I assume you want to start collecting as soon as possible since you will never make a claim on their payment and you should attempt to collect as much as possible while they are still alive.

[@Notasheepbaa]

Love this interview. Mary Beth is a wealth of knowledge. Not close to retirement yet but the information was really helpful. Thank you for all your hard work. ❤️

[@Michael-qy1jz]

There is NO social security retirement fund-> they tax the working to give to the recipients now. Treasuries are Not funds! It's like you writing yourself a check for 5 million dollars from yourself and to yourself and say you have 5 million dollars. Lol. The whole thing is a word scam

[@edwardk4198]

A Social Security examiner tagged me as subject to the Windfall Elimination Provision (WEP). Maybe 1% of recipients subject to this. My greatest gripe is that the yearly Social Security statements could make it explicit that you are subject and should plan accordingly rather than just an "*" as a general statement. Interestingly the "pension" I received was 10% of my salary yearly plus all my unused sick days. Very broad definition of a "pension".

[@falsificationism]

This was simply phenomenal. Thanks for the reality check, Mary Beth! (And thank you for not shying away from the fact that this IS a political problem, not a math problem.) Cheers everybody! I'm a little young to be so enthusiastic about retirement...this video sure didn't help. 😉

[@manuelsmith4847]

Out of the park on this one! I really appreciate this valuable information. Thank you!

[@bakuleshpatel6486]

Just Fantastic. So valuable insight in to Social Security.

[@MissLibertarian]

7 minutes in and I have a concern: I took SS at 62 five years ago because I wanted out of a bankrupt system in time to put what I could into commodities and getting my house in order before costs went up. I figured I could take those sums and multiply them better than Congress and the Treasury. But it was also my understanding that I’ll get the same amount of money at the average life expectancy either way-but sooner is better. I hope to live longer than average, but I won’t do it by trusting politics with my health or happiness. They predicted the collapse of SS when I was in high school and again in Econ 101 in college, so I don’t count on it. Since I don’t have kids I took a reverse mortgage on my house and can pay it off when the dollar collapses if there’s anyone left to collect, or I can live there for life. Did that before prices came down. Put proceeds into stuff that will go up. Postponing collecting with hope that future payments will make up for it takes more faith in the status quo than I have.

[@MissLibertarian]

@@unitedstatesdale The hard part was reaching age 62, I think it was. Then, you have to get counseling to make sure you aren't too senile to make the decision. And, I've refinanced it since then, and had to go through the counseling again. I had a really great lender rep who had done a good job of explaining the pros and cons, so the counseling wasn't difficult, just annoying. The older you are the better the deal they make you since the term is based on life expectancy, in part. There are lots of variables, so each case will be different. I don't have kids. But if my home needed maintenance, and I wanted to live there for a long period, but was feeling like I couldn't afford to put on a new roof, or fix the A/C, or whatever, this would be one way to remove the fear and insecurity of not having the income from other sources, without risking losing the home. One could put some of the equity in another basket, too. If your mortgage is paid off, having this in place would give the option to stay instead of sell for cash. It does accrue unpaid interest, so make sure to get a fixed rate, or a cap that you can live with. I know a widow who was living in uncertainty about expenses, and who didn't want to move. If she let the place run down, she would live in fear and leave her children a run-down house. Or, she could fix it up and enjoy it, and leave them a house that is worth more for being fixed up. Timing is everything in real estate, however! Each situation will be different. You'd have to be confident you could pay the property taxes and insurance, but if you have equity, you might also get a line of credit.

[@MrSean03839]

I'm not sure what you are trying to say exactly but if they make zero changes to SS it will still pay 80% of benefits starting in 2034. After that it will actually start heading back up each year as the boomers move on. Taking it early us a bad idea unless you have to. You reduce your cola increases for life, which over time reduces your benefit significantly.

[@MissLibertarian]

@@MrSean03839 But the COLA may be only 50% of the actual cost of living--we know that for sure. Whereas, if you take the pay early and invest it properly, you may make multiples with it: some mining stocks are likely to go up hundreds of percent, even thousands. Somewhere in there, the opportunity return on that investment may more than make up for taking responsibility for one's own retirement, instead of trusting strangers in public office. Each person has different needs, risks, and assets. One size does not fit all. But the big problem is to fail to do one's own research and to blindly trust the bureaucrats and politicians employed by one's fellow voters and others. If the dollar stayed the same value (instead of being worth 2% of its original value), your logic works better. I'm pretty sure that payment will keep coming, but I'm not sure it will continue to buy anything. I'll be glad if it is enough to cover my property taxes and my fixed debt, if any. But I don't think it will keep up with groceries and insurance, etc.

[@daveforgot127]

Getting an extra 8% of the Year might not mean anything if you die early or if you have young kids to take care of or the system gets changed dramatically in a bad way. Take your money as early as possible because you can't trust the government.

[@markphillips2648]

I guarantee if I looked at your investment portfolio and ten others in a blind survey I could match your portfolio to your comment… your not wrong just not risk diverse !

[@earleneslay7977]

I’m taking mine at 62. That will be in 3 months.

[@sunkim8310]

She is amazing!! Great interview!!!

[@stephenklare1796]

There should be no upper limit on wages being taxed.

[@MrSean03839]

Shhhh, don't mention raising the cap on wages above 160k a year. Wealthy people cannot handle a trivial tax increase, they want a 6%+ tax cut when Americans are stupid enough to let the politicians destroy SS.

[@mattanderson6672]

Thanks guys, watching this from the UK, and it's still relevant

[@brandyfolse4188]

Thank you so much for this! I have a close family member who will benefit immediately from this information. This was a great learning experience!

[@0mar9]

Very informative. This is the most complete financial channel

[@crystalfuentes330]

Thank you Mary and Adam! A lot of great information.

[@donaldschultheis699]

Very informative. Helpful for anyone getting ready to retire or planning their retirement.

[@stephenklare1796]

Work in retirement and pay taxes makes no sense. Retirees need to be able to work and not pay taxes at and governmental level. If you make 500 a week, you take home the full 500 bucks!!!

[@BrianFrenchinternet-marketing]

Very practical advice. Thanks Beth and Adam

[@cfpup]

I agree with others. This is quite possibly the most helpful video you have produced and you always have great guests!

[@jamesrobertson504]

Not as confident as Mary Beth that Congress won't do some kind of income based adjustment in the future to save Social Security. As Mary Beth pointed out later in the interview, they already did something similar based on income for Medicare Part B and D premiums (the IRMAA adjustments for "rich people"-more than 91K income for a single person in 2022). So there is precedent. Also I wonder what the fiscal impact will be if Congress doesn't act fast to do something, because I recall the late Pete Petersen saying when it comes to the Social Security Trust Fund-there is no Trust and there is no Fund. What he meant is that Congress already spent it (remember Al Gore saying we should put it in a lock box). Treasury gave Social Security special IOUs when they used excess payroll taxes for general budget expenses, not marketable Treasury bonds. So the interest being paid on those IOUs and as Mary Beth noted since 2021, principal repayments, are paid by the Treasury out of general revenues (which these days are likely funded with Treasury bond issuance rather than tax revenue).

[@popsmcgee9775]

Another helpful interview, Adam. Thank you!

[@stephenlofy31]

Adam, How do you do it? Another outstanding and relevant interview. I ended up sending this video out to 20 of my closest friends. I have been watching your videos for over a year now and besides the great variety of subjects, I am always amazed at how great you are at drilling down to get the best out of each interview. Also thanks for inspiring me to get back to maintaining my health. Although I can no longer run marathons and ultramarathons (bad knees). I am finding plenty of other workout options. Stephen Lofy

[@Wealthion]

Wow -- thank you for such kind feedback. I will do my best to deserve it!

[@stephenlofy31]

You have already earned it. Keep up the great work.

[@derkong7114]

They will print the money to pay your SS check but your check will not buy much due to inflation...

[@tess7798]

If you have Marybeth back for another interview, please ask her how to offset the WEP by contributing into SS. Thanks!

[@europa3962]

Thanks Adam. People need to do a break even analysis on when to take. I will take at 62 because 1) its insolvent (2034) and benefits will be reduced to 80% if not fixed and 2) my break even is 77 years old. I am 60.5 now

[@mommaoinnh2674]

Yes. Better you collect while you are young enough to travel and have fun. By 67, many have illnesses or health issues.

[@MrSean03839]

I would not do that unless you have no other choice. But good luck to you.

[@supernova71]

“They could take money from defense spending” - Ha-ha! 🤣 Adam, you’re so funny! And I want my very own unicorn too, since we’re fantasizing! 🦄

[@davidmcnay]

Can you talk about Totalisation agreements and getting more social security by working abroad.

[@johnmurray2729]

Great discussion. With respect - I think that at the 44:00 mark, the reference to the surviving spouse getting 50% of the age 70 benefit of the deceased spouse is not correct. In all cases, the surviving spouse can get up to 50% of the Full Retirement Age (e.g. 66-67) benefit, not the age 70 benefit. I could be wrong, but don't believe so. Thank you.

[@Wealthion]

No -- as Mary Beth said, if the marriage lasted 10 years or more, the surviving divorced spouse is entitled to 100% of the deceased workers benefit amount www.ssa.gov/benefits/survivors/ifyou.html

[@tonya1604]

This is not as complicated as you think. The most important to do is actually filing for medicare 3 months before your 65th birthday [assuming you are not covered at work]. You can always compute whether you'd need social security income now or later. For most, remember that RMD for tax deferred retirement plans is 72 yrs old. All I can say more is that I did it and it was easy. The hardest decision is deciding the medicare options. As a retiree, I find this DHHS service and TreasuryDirect investing as great gifts to old people. Hope it serves you well.

[@PE-TX]

This was great, so helpful! Thanks for diving into the deep end of Social Security.

[@RobWilliams007]

Just know that many workers at Social Security don’t even know all the rules so if your advisor tells you to do something and SS tells you that you can’t, don’t take their word for it. Go back to your Fin Advisor.

[@w161616]

very well explained!! impressive. thank you.

[@SweetDannyChitlin]

Great interview thank you

[@carolwong9279]

This was so very helpful. Thank you.

[@QQQBall]

It was intended as a earned benefit, but Court ruled SS is a tax and not benefit. Adam should have pointed that out

[@robmacioce5017]

Great topic. Thanks!

[@bigqueue]

Indeed she already mentioned it but they already do a means test with the bend points in social security payouts. They would hide those means tests in the same way they hid them with the bend points.

[@Gigi30107]

Too many don't live long enough to collect

[@tess7798]

Thank you Adam and Mary Beth! Question: At age 70, I will have paid 31 years into SS. I’ll start collecting, at 70, but will work for 4 more years and retire at 74, so that I contribute for a total of 35 years. Will my monthly benefit be re-calculated at the conclusion of those additional 4 working years?

[@jhubbard7256]

The maximum age for accrual is age 70…although worth checking the rules again when you are 70.

[@MrSean03839]

You will get 0's calculated in for 4 working years.

[@sheilajohnson7359]

I wished she had addressed the Windfall Elimination Provision and the Government Pension Offset. These greatly affect social security benefits for many public servants as teachers.

[@GnosticCushite]

27:23. Excellent info. I was wondering what ever happened to that paper we used to get in the mail? Now I know.

[@bn12595]

I'm 60 years old. If I collect at 62 I will get 75% of what I would get at 67. Yes I will miss out on 25%. But it will take me until 78 before that 25% will make up for the 75% I lost between 62 and 67. Males in US life expectancy is now 75 years old.

[@EMan-cu5zo]

Don’t blame you. I would do the same in your position.

[@waitingforrealitytosetin4807]

If you do make it to 62 for a male average life expectancy is 83.6 years. Other factors to consider as well of course.

[@MrSean03839]

They are also missing out on larger cola's each year which are based on a percentage of your total benefit. Take it early and the cola's will be reduced every year, reducing the overall benefits significantly. If you are married and will have the larger benefit you also will be trapping your spouse into the smaller cola's for life when they switch to your benefit.

[@michaelpetrus19]

definitely an expert........thanks

[@ABC93224]

Great guest. I did not think SS could be an interesting topic.

[@dale5710]

Survival benefits are based on the PIA, not the age 70. She stated that then went on to say in error that the spouse went up to 100% or same value. For example, the sheet from SSA says a 3831 benefit is only worth 3172, based on the one being 70, with full retirement age being 66.

[@MrSean03839]

The widower is entitled to 100% of the deceased SS amount including all delayed credits. The part that is not totally clear is does the widower have a choice to simply wait for their FRA to start receiving the deceased full amount. That would eliminate any reduction of the deceased full amount including delayed credits.

[@ats89117]

Great discussion, but there really is no 'SS trust fund'. As most of us know, it's just a pile of treasury IOUs which will add to the debt when they are exercised. But if the IOUs ran out, congress would still borrow the money to pay the SS benefits. There really isn't any difference between these two scenarios...

[@marilynnschroeder4436]

Wow, why is the divorces spouse rule your favorite part of social security? That’s just more being collected by folks who never contributed being paid for the those of us that did work.

[@MrSean03839]

It was designed that way for women.

[@lpettet1]

Very good segment with lots of great information. I thought the divorced-couple benefit ended for birthdates that are after Jan 1954.

[@arnoldmayberg694]

Overall pretty good, I did learn from it.

[@davidcollins8150]

Life expectancy is declining thanks to processed foods, frutcose and the profiteers. Obesity, diabetes, and mental health contribute to our earlier demise in spite of the improved technologies we enjoy today. Today's 2 year olds will NOT live to 120 - that is my call - there will be plenty of suffering in the next 100 years. Social Security is just that. If you are rich, you should NOT accept any government handouts regardless of the amount contributed. It's simple, if you die with a estate in excess of 4 million, then those benefits will be recouped from the estate.

[@jstone3699]

Spoken like a true socialist

[@janicenunn101]

Soc sec is NOT a gov handout, it is an offshoot of your accumulated earnings reflecting work. Agree with you on the lifespan point though, easy to see we are headed for rough times of economic shortages and war.

[@detectiveofmoneypolitics]

Still watching Frank G Melbourne Australia 🇦🇺 ❤️

[@bonnieupton4114]

Many voted for Biden because of what they thought he would do for seniors. Hope they learned a lesson 🙏.

[@grantjones9441]

If you think the republicans are going to help seniors, then you are mistaken. Republicans will 100% cut SS benefits and raise the retirement age. That’s VERY clear.

[@catchristo9406]

@@inveele Biden had two years of complete control with Dems running both legislative and executive branches and he did nothing but bring us down. Nice try though.

[@donnaryan7598]

Good interview!

[@sensenisok]

Great guest !!

[@investwithjeff]

My Full age is 67 to get $2k per month. If I draw at age 62 and get $1,500 a month that is $90k ($18k per year X 5 years). If I begin drawing at 67 and get $500 more a month that's $6k a year more than drawing at age 62. In 15 years $500 per month is $90k. Without doing time value of money calculations. So I would to live to 82 years old before actually getting to the point where $500 a month actually starts kicking in. What are the chances SS will be here in 2044 and you will live beyond 82 years old? I hope my comment helps someone decide what is best for them. There are masses of people struggling to make ends meet so if lots of people start drawing early that will even be more pressure on the SS system.

[@catchristo9406]

Thanks for doing the math for me so I don't have to. I was thinking the same thing myself. A bird in the hand may be better than two in the bush. Heck, I am just wondering if the dollar will have any value by then the way this administration is trying to crash the economy and force us into a digital currency so they can control our money.

[@MrSean03839]

You are forgetting about cola increases which are percentage based on your total benefit. Take it early means the year cola will always add a smaller increase to your total benefit, with each year be reduced based on the previous year. You need to factor in the compounding effects on a larger benefit. If you are married and will have the largest benefit you are also locking your spouse into the sane reduced amount and cola's. Also, SS can easily be fully funded through multiple changes. Even if nothing is done the program will still pay 80% of current benefits starting in 2034. That is the low point and will actually begin to recover after that due to the larger boomer generation moving on leaving behind the far smaller GenX drawing from the trust. Unfortunately the politicians want to destroy SS because their donors simply want another tax cut.

[@elizabethm2556]

Thank you!

[@stephenjohnson8938]

If you wait to draw SS, you don't make extra money unless you exceed your life expectancy (77 yrs) because u have to subtract the money you didn't take when drawing early. Plus the tax bracket you're in counts. Each person situation is unique because of health, income, and medical benefits. There is no one size fits all. In 1983 it was a scheme (Biden Sponsored) to eventual tax all of your SS, which means you're paying yourself. SS should not be taxed period. The SS fund is nothing more than bonds that auto rollover, so the government just goes into more debt to payout since the money it collects goes into the govt general fund for spending purposes. Think how much would have accumulated in a passive index and bond fund vs govt debt payments.

[@RobWilliams007]

No one ever talks about regional means testing! I live in Los Angeles and making $147,000/yr is like making $80,000 in Topeka. So I have to use more income just to live than someone in Bangor ME or Topeka KS or Jackson MS.

[@charlesbrown9213]

No RR, you don't "have to" spend more. -- Move to Jackson MS. Regional means testing is a non-starter -- because what it would mean is sending bigger govt checks to regional groups who on average have more assets (think - high priced coastal houses) and smaller checks to areas of the country that are poorer. -- That is really poor public policy. Generally, income levels on the coasts are higher than in Topeka or Jackson. -- Which means those coastal employees contributed more in FICA taxes. That means they generally will receive a higher SSA benefit from those higher contributions. -- Suggesting we further tip the scales for the relative higher earners is, again, very poor public policy.

[@peakprosperitynate5689]

Congress can print and spend money into existence for group after group that never put a nickel into the system. Yet for those of us that have paid into social security for decades and allowed Congress to "manage" the surplus, we are now looking at shortages by 2035 and their first solution will be to reduce benefits. To quote a coworker, Congress needs to pray I don't get terminal cancer.

[@wattsupwiththat1463]

If someone tries to sell you an annuity, push out your Social Security out a few more years instead. Much better deal.

[@tomjones2348]

Adam, you are a brilliant interviewer. I greatly enjoyed the two presentations by you and Nick Gerli. Mary is very bright, knows the mechanics of her subject....but I don't think she understands what's happened to "Our government". I was judge of elections in my county when the electronic voting machines were foisted upon us. I stated in writing that there was NO way of verifying any vote count, and that these machines were easily "back doored" and corruptible. I had to resign. The highest levels of public office are determined by a well funded, unseen hand with a globalist agenda. Look at all the fraud that has been perpetuated via government over the past two years! To think that somehow these same people are interested in the welfare of elderly Americans is absurd. The vast majority of these politicians have never held a real job or built a business in their lives. Actually, this topic deserves an entire show. I can name a dozen excellent books on how the gameboard really works and who's controlling it.

[@politics4816]

Wow. That was very interesting that all the Ex-spouses can get full survivor benefits. Cost cutters should go after that loop hole for sure.

[@charlesbrown9213]

Yes. No money for ex-spouses. PERIOD. Honey, get out their and "earn" for yourself. I've heard Mary Beth before on other forums. She is very knowledgable, but seems to be a gender-cheerleader for maximizing the wife's (or ex-wife's) benefit at the expense of the taxpayer and the husband. -- She always suggests the higher income earner (usually the guy) should just work to 70 for his spouse's benefit. -- You know, ladies live longer than men. Men should not be slaving to their last breath. The spouse is likely going to be receiving life insurance. That should hold her over when the husband is gone. If it doesn't maybe SHE should go back to work. For that matter since women statistically live longer than men, perhaps their monthly benefit should be discounted pro-rata to ensure equitable benefits distributed over their actuarial lifespan...? After all if a typical man lies at 74 and a typical woman at 80 (for example) and they both contributed identical FICA taxes, maybe the man's monthly benefit should be more -- as he will be actuarily receiving fewer monthly checks...

[@politics4816]

@@charlesbrown9213 You make many good points. Got me wondering if a woman with a string of 10 year divorces would collect 100% on each one?

[@penelope5500]

@@politics4816 No, she could not collect on each one, only the highest.

[@ohiofarmer5918]

The amount of money that has been blown in Ukraine so far and the eighty billion worth of equipment left in Afghanistan would find Social Security well into the future. Mary Beth saved our bacon as I took advantage of filing for half my wife's benefits at full retirement and then filing for my own at age seventy. My biggest worry is getting slow walked to treatment in the Medicare system. Zero trust since Covid. Zero

[@styledoggie]

good video

[@challenged_investor]

She’s has confidence in Congress. Based on that assumption, we should have little confidence in her strategies.

[@katiewoodfield7768]

Thank you. Question: if you are disabled and receiving disability benefits can your spouse collect spousal benefits and hold off on claiming their own SS until 70/?

[@davezerhusen9284]

I believe the answer is yes if they were born prior to 1954. That was a relatively recent change, if I'm correct. Good luck!

[@joeblow8964]

If you are on SSDB and pass away with a spouse that is over 60, they will inherit you ssdb amount for their lifetime. At least that is what I have been told by the local ssa office.

[@RobWilliams007]

There is a s a misnomer here - they do increase the pay into the system every year. Last year it believe that $135,000 was the limit, this year is $147,000. I know a lot of people don’t make that but you are already taxing the high income earners more every year. The reserve has been borrowed against! If there is a means test, based on working year incomes, that is unfair. You can put in a check box for the wealthy to not take it but if they need it, they can jump back in (say they lose everything). But we all paid in and you already don’t allow higher earners to put money into a Roth or an IRA so now you want them to pay FICA and not get anything out when you took away most other incentives?!!!

[@janicenunn101]

So they can join boat club instead of getting their own yachts¿

[@Milo-nz5gf]

With the speed with which the dollar is collapsing and the general distrust of the Guvment...recommending anyone wait to draw SS - anticipating a greater payment in future years...well this strategy is simply financial malpractice. Folks - do yourselves a favor and draw as early as you possibly can!

[@MrSean03839]

The US dollar is higher today then it has been in decades?

[@Milo-nz5gf]

@@MrSean03839 as measured against what - Weaker foreign currencies? Is that really a show of strength by the Dollar?

[@sandrah.5076]

What line on your tax form does SS use for yearly income. It's less than my total income on my form.

[@maureenmarian1756]

IF you had children later in life and they are under 18 when you retire, there are benefits paid for them!

[@Nicole-zv7ee]

Adam.......Todd Sachs from the "Sachs Realty" You Tube channel would be a good person for you to have on.......he's a real estate guy........he's great........

[@koltoncrane3099]

Ya if you’re old and you die after just a few years waiting till you’re 70 but dying at 75 or 80 maybe sucks. The money that you could have gotten if you lived till 112 years old like one WW2 vet you lose it. In some ways the rona was a blessing to lots of governments cause it reduced their pay outs.

[@MrSean03839]

If you take it early you lose the compounding effects of larger cola increases. If you are married and will have the largest benefit you also pass the reduced benefit and cola's to your spouse. Bad ideas financially to take it early unless you have to.

[@sharibuckler8529]

What a web they have woven.

[@Easycartips101]

Today's 2 yr olds will live to 120. What B.S.

[@johnweibel1128]

Lets jump to an age difference, currently making about the same, but wife has 10 years longer to full retirement, with presumably hiring pay. Would you want to file for social security seperately? Can you? $4,000 seperate versus $3,000 spousal and down to $2,000 survivor.

[@vinnyk35]

I may have missed it..I didn't here anything about ss. disability retirement

[@indysitebroker]

2023 cola should be 9% . We need q3 & q4 2022 to determine 2023. Suspense!

[@bonnieupton4114]

What happens to the retirement plans when the dollar dies?

[@jamesblazen3023]

SS benefits are upwardly adjusted for inflation every year.

[@catchristo9406]

Yeah, That is exactly what I have been saying. People just don't understand fiat currency.

[@MrSean03839]

What happy if aliens invade the Earth or a comet strikes the Earth? Financial planning based of end of the world scenarios are not a good plan.

[@Easycartips101]

30% reduction at age 62. That's 60 months of getting a check. Therefore, at full retirement age 67, it would take 11.66 years at age 78 to equal the amount paid out at age 62. The decision is easy . I'll take at 62

[@MrSean03839]

You forgot to factor in the smaller cola increases by taking it early. You will lose the compounding effects which are significant.

[@miguelp]

I wonder how the pandemic might have changed the projected cost of social security for the coming years. Is it a blip or a trend change?

[@Easycartips101]

Taxes go up. Benefits get cut. Purchasing power of US Dollar goes down. I'll take my $ asap.

[@jamesblazen3023]

Nobody knows how long they will live. Take the money at earliest possible time and enjoy life.

[@quacktuber1051]

Ah ha. "I can't think of another investment that gives a 72% return like taking social security 8 years later". Uhmmm, maybe good, but it's not a 72% return if you gave up 8 years of income in order to get that extra 72%. Given life expectancy is 78 for men.... uhmmm. Lol

[@katemcgrade790]

Mary seems naive in so many ways: votes aren't counted, governments do whatever they like at any time without warning, health mandates are reducing longevity, etc etc

[@quacktuber1051]

@@katemcgrade790 Yes exact. Sadly, for me best to accept now and expect that government's most likely will change these "programs" and short change retirees. I will treat whatever little they return to me in benefits as bonus. I feel sorry for people that mistakenly believe otherwise.

[@jayboegs6268]

all programs must be UNIVERSAL