Paying attention to Social Security benefits pays off and needs to be taken seriously from an earlier age than most people realize.
Many of us underestimate how important this benefit is.
- It is the single largest source of income for the majority of Americans age 65 and older
- It accounts for half or more of total income for 53% of married couples and 74% of unmarried individuals
- It is one of the only sources of guaranteed income that retirees can count on for the rest of their lives
- Its cost of living adjustments helps maintain buying power over decades of retirement
Mary Beth Franklin points out that Social Security isn’t static and there have been some major changes in recent years. In addition to being the author of Maximizing Social Security Benefits and an acknowledged expert on the subject, she is Contributing Editor at InvestmentNews, a leading publication for financial advisors, and an award-winning personal finance journalist.
WEALTHTRACK Episode #1606; Originally Broadcast on August 09, 2019
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MARY BETH FRANKLIN
Paying attention to Social Security benefits pays off and needs to be taken seriously from an earlier age than most people realize.
Why start tracking it early? Social Security calculates the highest 35 years of earnings to determine your benefits. You want to make sure they get your numbers right. So even if you are decades away from collecting, it’s important to start keeping tabs. It’s easy to do by opening your personal Social Security account for free at: Social security.gov/my account to check those annual earnings figures.
The 78 million strong baby boomer generation is already there. According to Maximizing Social Security Retirement Benefits author Mary Beth Franklin the oldest boomers turned 70 and a half in 2016, the age at which they must start tapping their retirement accounts or else face steep tax penalties.10,000 people a day are hitting that number and will for the next decade or more.
Many of us underestimate how important this benefit is.
– It is the single largest source of income for the majority of Americans age 65 and older.
– It accounts for half or more of total income for 53% of married couples and 74% of unmarried individuals.
– It is one of the only sources of guaranteed income that retirees can count on for the rest of their lives.
– Its cost of living adjustments help maintain buying power over decades of retirement.
However, as Franklin points out, Social Security isn’t static. There have been some major changes in recent years. Franklin calls 2019 a watershed year because one benefit in particular is set to expire! If you were born by January 1, 1954 this is a much watch WEALTHTRACKepisode. She will explain that change and other key considerations for all Americans eligible for Social Security.
In addition to being the author of Maximizing Social Security Benefits and an acknowledged expert on the subject, Franklin is also Contributing Editor atInvestmentNews, a leading publication for financial advisors and an award-winning personal finance journalist.
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Thank you for watching. Have a lovely summer weekend, and make the week ahead a profitable and a productive one.
Best regards,
Consuelo
KNOW WHAT YOUR SPECIFIC SOCIAL SECURITY BENEFITS ARE
- They are valuable
- Your individual circumstances matter
- Some Benefits Expiring:
- – If you were born on or before January 1, 1954, you can claim spousal benefits if you are married or an eligible divorced spouse
- – If you are a widow or widower you are entitled to survivor benefits
- – Might be eligible even if divorced
- – Go to ssa.gov for information on your individual circumstances
- – Read Mary Beth Franklin’s annually updated ebook Maximizing Social Security Retirement Benefits
Order your copy of Maximizing Social Security Retirement Benefits
by Mary Beth Frankin.
INVEST TIME IN YOUR SECURE RETIREMENT
- Learn what Social Security benefits you are entitled to at
socialsecurity.gov or
ssa.gov - Ask your financial advisor or tax accountant about how to best take advantage of your Social Security benefits
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SOCIAL SECURITY RULES FOR SINGLES
Benefits guru Mary Beth Franklin explains why the claiming rules for Social Security can be different if you are single.
