Social Security for Dummies

Navigating the Retirement Risk Zone

This podcast will cover all things social security.

• How social security works
  • Explain 35 years of earning
  • Full retirement age (what age it is)
  • Early claiming (decreased benefit)
  • Delayed claiming (increased benefit)
  • How social security is taxed
• Explain the “Claiming decision” - factors to evaluate
  • Other sources guaranteed income
  • Portfolio size
  • Early or later - push back risk by claiming earlier or bring forward risk by claiming later?
  • Spouses guaranteed income
• Social Security as an investment
  • Explain COLA (the power of it!)
  • It’s an annuity - delegating investment responsibility
• The long term viability of social security and whether to plan for it
  • According to a recent update from the Center for Retirement Research:
• Likely changes to social security : Cost of living adjustment, reducing level of benefits, or increasing retirement age.
  • Reducing the COLA by 1% per year would solve half of the social security shortfall
  • Increase retirement age from 67 to 70 over a period of 12 years. This would solve half the social security shortfall

Listen to the episode to learn more.

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Eric Amzalag, CFP®, RICP®

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