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Earn & Invest
474. Decoding Social Security : A Crucial Conversation with Mary Beth Franklin
Nov 20, 2023
Retirement expert Mary Beth Franklin discusses the importance of Social Security in retirement planning and dispels common misconceptions. Topics include understanding the Social Security system, disability and survivor benefits, working and earnings restrictions, taxation of benefits, and seeking expert advice.
01:01:42
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Quick takeaways
- Social Security provides disability benefits, retirement benefits, and survivor benefits to individuals, highlighting its importance in retirement planning.
- Possible future adjustments to Social Security may include increasing the retirement age, adjusting tax rates, and exploring different investment mechanisms for the trust funds.
Deep dives
Social Security is a Three-Pronged System
Social Security functions as a three-pronged system, providing disability benefits, retirement benefits, and survivor benefits. Disability benefits are available to individuals who are unable to work before reaching retirement age. Retirement benefits are based on average lifetime earnings and can be claimed as early as 62 or as late as 70, with the latter resulting in higher monthly benefits. Survivor benefits are available to spouses and minor children of deceased individuals, providing financial support after the loss of a loved one.
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