Social Security Workshop Recap
When we ask clients what’s on their minds as they approach retirement, Social Security is almost always near the top of the list. And that’s exactly why we hosted this workshop.
Most people aren’t planning for a 20% cut in their Social Security benefits, but the Social Security Trust Funds are projected to be depleted by 2033-2035. When that happens, benefits don’t disappear — but they drop to approximately 80% of scheduled amounts. If you’re 62 today, you’ll be 69 or 70 when those cuts take effect. That’s potentially 15 or more years of reduced income in retirement.
In the workshop, Tony addressed questions about claiming social security and covered three ways to approach the claiming decision: minimizing taxes, maximizing lifetime benefits, and maximizing total wealth. Most financial advisors spend their time on the first two. We think the third one deserves equal attention.
Watch the full workshop recording.
If you have questions about how Social Security fits into your retirement plan, we’re here to help. Call us at (877) 925-5520 or complete the Contact Us form, and we’ll call you.
