Mary Beth Franklin says, “To claim [Social Security] benefits early out of fear is like selling your stocks in a down market. The only thing you have guaranteed is you have locked in a loss.”
And she makes a great point when it comes to the security and safety of, not only your Social Security benefits, but your retirement as a whole.
On this episode of The Retirement Risk Show, Dave Hall discusses the challenges posed by retirement and the importance of making the right decisions regarding Social Security benefits. He invites Social Security expert and CFP Mary Beth Franklin to offer insight into the system and how to maximize benefits. The discussion includes the benefits of waiting until age 70 to claim Social Security and the potential dangers of claiming too early or too late. Additionally, they explore the financial difficulties facing Social Security and potential solutions proposed by experts such as increasing taxes and capping Social Security.
Key Topics Covered:
– The importance of Social Security and potential changes to it
– The length of interest and stability in retirement plans
– Specific strategies for claiming Social Security benefits
– The history and funding of Social Security
To learn more about Social Security, sequence of return risk, Medicare, and the other risks that you will face during retirement, visit retirementriskadvisors.com.