Increasing Your Social Security Benefits
They say that timing is everything and there is one area of retirement planning where getting it right can make a huge difference in your retirement income and security. This week we are devoting our entire program to helping you maximize your and your loved ones’ social security benefits with the help of one of the acknowledged experts in the field, personal finance journalist, Mary Beth Franklin. More on her in a moment.
[expand title=”Read More” trigpos=”below” swaptitle=”Hide Text”]Most Americans assume collecting social security is a no-brainer- just start collecting yours when eligible. The reality is far more complicated and can make a difference of tens of thousands of dollars for you, your spouse and dependents, plus ex-spouses, widows and widowers. In an age when traditional pension plans are disappearing, more and more Americans of retirement age are depending on social security for all or a substantial part of their retirement income. For many it’s the only source of guaranteed income they have. According to the Employee Benefit Research Institute, in 2009, 60% of Americans 65 or older received at least 75% of their income from social security benefits. Last year, some 58 million Americans received some sort of benefit from social security. According to a Bankrate survey, over half of 62-year-old baby boomers- those born from 1946 to 1964- are expected to follow their parents’ example and file for social security at the youngest possible age, which is 62. And 75% of baby boomers are expected to file before age 66, the age when one receives full social security benefits.
The conventional wisdom when it comes to social security follows the old adage- a bird in hand is worth two in the bush and many Americans need the income that social security offers starting at age 62. But as you’ll hear from Mary Beth Franklin, the cost of such a decision can be high for millions of older people and their family members. Mary Beth is now a contributing editor at InvestmentNews, the leading trade publication for financial advisors. For many years, she was a senior editor at Kiplinger’s Personal Finance magazine and editor of Kiplinger’s annual retirement income issue. In a recent interview, I asked Mary Beth why timing is so important, when taking social security benefits.[/expand]
WEALTHTRACK Episode #839; Originally Broadcast on March 23, 2012
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Public television stations around the country are starting their summer fund raising drives this weekend, which will probably affect your ability to see WEALTHTRACK on your local station. As a result, as we do during all of these “pledge” weeks, we choose WEALTHTRACK episodes that are not time sensitive and that we want to see again. This weekend is a classic example. It’s the program devoted to maximizing your social security benefits. It’s chock-full of tips and surprising revelations about the only life-long guaranteed income stream most Americans will receive.
They say that timing is everything and social security is an area of retirement planning where getting it right can make a huge difference in your income and security. Most Americans assume collecting social security is a no-brainer- just start collecting yours when eligible. The reality is far more complicated and can make a difference of tens of thousands of dollars for you, your spouse and dependents, plus ex-spouses, widows and widowers. In an age when traditional pension plans are disappearing, more and more Americans of retirement age are depending upon social security for all or a substantial part of their retirement income.
According to the Employee Benefit Research Institute, in 2009 60% of Americans 65 or older received at least 75% of their income from social security benefits. Last year some 58 million Americans received some sort of benefit from social security. According to a Bankrate survey, over half of 62-year-old baby boomers- those born from 1946 to 1964- are expected to follow their parents’ example and file for social security at the youngest possible age, 62. And 75% of baby boomers are expected to file before age 66, the age when one receives full social security benefits.
The conventional wisdom when it comes to social security follows the old adage- a bird in hand is worth two in the bush, and many Americans need the income starting at age 62. But as you’ll hear from social security expert, Mary Beth Franklin, the cost of such a decision can be high for millions of older people and their family members.
Mary Beth is now a contributing editor at InvestmentNews, the leading trade publication for financial advisors. For many years, she was a senior editor at Kiplinger’s Personal Finance magazine and editor of Kiplinger’s annual retirement income issue. I will talk to Mary Beth about how you and your loved ones should time your benefits to take maximum advantage. Ex-spouses should listen too!
If WEALTHTRACK is pre-empted by a pledge drive this week, you can watch the show on our website as streaming video or a podcast. You can also find the One Investment picks of our guests and my Action Points there.
Have a great weekend and make the week ahead a profitable and a productive one!
Best regards,
Consuelo
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#719- 11/5/10:
On this week’s Consuelo Mack WEALTHTRACK: the first of a two part series on “The New Retirement Reality.” Kiplinger’s retirement guru, Mary Beth Franklin and award winning financial planner, Mark Cortazzo bring us up-to-date on what to expect and how to plan for the new retirement climate.
#720- 11/12/10:
On this week’s Consuelo Mack WEALTHTRACK: the first of a two part series on “The New Retirement Reality.” Kiplinger’s retirement guru, Mary Beth Franklin and award winning financial planner, Mark Cortazzo bring us up-to-date on what to expect and how to plan for the new retirement climate.
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