Really appreciate Mary Beth's insight! She knows her stuff
@georgeferich6803
7 ай бұрын
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
@randolphh8005
8 ай бұрын
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.
@keithmachado-pp6fv
2 ай бұрын
When doing the break even calculation you should include the number of years from today. For example if you are 62 today and decide to defer until 70 and break even is 82 then it’s a 20 year break even not 12. Why? Because you can die anytime between now and 82 to come out ahead claiming at 62 and need to live 20+ years to come out ahead when deferring.
@deedeefindleydebter9930
7 ай бұрын
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.
@jh-mp8so
7 ай бұрын
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.
@fr0103
8 ай бұрын
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.
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