In This Video:
Is Social Security running out of money? Should you go ahead and claim your benefits as soon as you’re eligible just in case it runs out?
Things to Consider:
In our opinion, it would be a big mistake to base your decision on that fear because we don’t think it’s likely that Social Security will go broke. Instead, the government will make changes to the program before letting it go away completely.
In this video, Scott Sierens will tell you why we feel that way and then talk about five potential changes they might make to Social Security. Plus, we’ll explain how these changes could impact your claiming strategy so that you’ll have a better idea of when it might be best for you to turn on your benefits.
Making the right decisions about Social Security could mean the difference in hundreds or thousands of dollars in monthly income so we want to take the time to get this right.
Here’s what we cover in this financial video:
0:00 – Intro
1:10 – How does Social Security work?
3:09 – Change #1: Reduce by 23%
4:04 – Change #2: Change retirement age
4:40 – Change #3: Increase tax
5:00 – Change #4: Increase the benefit base
5:44 – Change #5: Recalculate cost of living adjustment
6:43 – What this means to your claiming strategy
Social Security – Trustee’s Report – https://www.ssa.gov/oact/trsum/
Social Security – Contribution & Benefit Base – https://www.ssa.gov/oact/cola/cbb.html
Get Your Free Guide to Social Security Benefits: https://lifemoneyshow.com/socialsecurity
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