1574: Social Security - Planning For It or Not In Your Future by Amanda of Women Who Money

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🗓️ 1 July 2021

⏱️ 12 minutes

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Summary

Amanda of Women Who Money discusses whether or not it's a good idea to plan for social security. Episode 1574: Social Security - Planning For It or Not In Your Future by Amanda of Women Who Money The co-founders of Women Who Money are Amy Blacklock from Life Zemplified and Vicki Cook, from Make Smarter Decisions. Vicki and Amy connected initially online and eventually met in person at a financial conference in the fall of 2017. They’ve both reached financial independence and left full-time work to devote more time to family, pursue passion projects, and embrace fun and challenging opportunities. They enjoy collaborating on original content and sharing great articles written by and for women. The original post is located here: https://womenwhomoney.com/social-security-planning-your-future/ Visit Me Online at OLDPodcast.com Interested in advertising on the show? https://www.advertisecast.com/OptimalFinanceDaily Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is Optimal Finance Daily Episode 1574 Social Security Planning for it or not in your future
0:07.9	by Amanda of WomenWhoMoney.com and I'm your host and personal finance enthusiast Diana Mariam.
0:15.0	This is a show where I narrate posts from thought leaders and personal finance every single day of the
0:19.9	year and 10 minutes or less. If you're someone who wants to keep good personal finance practices
0:25.5	top of mind but you don't have the time to read all the various blogs out there then this show is
0:30.4	for you. For now let's get right to it and continue optimizing your life.
0:39.5	Social Security Planning for it or not in your future by Amanda of WomenWhoMoney.com.
0:47.2	No matter when you retire you want to know what roles social security will play in your financial
0:52.1	future. Will it go away? How much can you expect? When should you start benefits?
0:58.6	When Social Security started in 1935 it was created to provide support for workers and their
1:04.1	families who could no longer work due to age, disability or death. It's comprised of the
1:09.7	old age and survivors insurance program for retired workers, their families and survivors of
1:14.8	deceased workers and the disability insurance program for disabled workers and their families.
1:20.8	Today it remains a primary source of income for many retirees and aging Americans,
1:26.4	yet funding issues create some uncertainty about the future of these programs.
1:31.3	In this article we'll tackle these questions so you can determine the role social security
1:35.7	might play in your financial future. Will Social Security go away? Social security is unlikely
1:43.2	to change much in the foreseeable future but eventually it will face challenges and look different
1:48.3	than it does today. Concerns about social security's longevity stem from future funding concerns.
1:55.4	For years the programs operated with a surplus, the amount paid to workers and their families
2:00.8	was less than it took in. With lower life expectancies and a smaller aging population trust fund
2:07.5	reserves grew for decades. Now with lower birth rates so fewer people paying in and a growing
	...

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