462: Strategies to Maximize Your Social Security Benefits with Mary Beth Franklin
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 564 Ratings
🗓️ 14 October 2024
⏱️ 64 minutes
🔗️ Recording | Apple Podcasts | RSS
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Summary
Today, I'm talking to Mary Beth Franklin. Mary Beth is a CERTIFIED FINANCIAL PLANNER, a former Capitol Hill reporter at United Press International, and the retirement and tax editor at Kiplinger Personal Finance. She also has a new edition of her bestselling book, Maximizing Social Security Benefits, a must-read for retirees and pre-retirees.
My first interview with Mary Beth was our most downloaded and most watched episode of this podcast, so I'm thrilled to have another chance to talk to her about Social Security (and if you haven't listened to that first episode, be sure to do so before diving into this one, as it covers the foundational elements of Social Security).
In today's conversation, we discussed what's changed about Social Security over the last several years, how to take advantage of these changes in your financial and retirement planning, and, of course, the future of Social Security and its potential insolvency. You'll also hear what semi-retirement looks like for Mary Beth, as she very recently semi-retired herself, and shares advice for anyone who still enjoys working in their pre-retirement years.
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In this podcast interview, you'll learn:
- Why so many of the Social Security claiming strategies that became popular in the late 2000s have disappeared.
- What it would mean for Social Security to become insolvent–and why it's highly unlikely for anything to be done about it anytime soon.
- How your Social Security is calculated, and how to get a clear picture of what your benefits look like (or would look like) right now.
- Why more people regret claiming benefits too early rather than too late.
- Social Security claiming strategies that haven't been eliminated by Congress, especially for divorced and widowed retirees.
- What Mary Beth has learned from her husbands' retirement and her own semi-retirement.
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Transcript
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| 0:00.0 | Social Security is the gateway drug in a good way, talking about overall financial planning. |
| 0:06.3 | If you can understand that concept of taking an asset and converting it into guaranteed income for the rest of your life, that is the essence of retirement income planning. |
| 0:30.0 | We all know social security can be a complex topic. |
| 0:36.0 | Today, we're going to go deep into social security with one of my favorite guests on this very topic. |
| 0:36.8 | We're going to be talking about social security |
| 0:38.3 | changes that have happened over the last several years you need to be aware of. We're going to be |
| 0:42.2 | discussing strategies and ways to elevate your benefits in retirement and, of course, the future |
| 0:48.2 | of social security and its insolvency. My name is Casey Weed, and it is my mission to deliver |
| 0:53.5 | clarity in your purpose in retirement and elevate your experience through both financial and non-financial conversations here on the show. |
| 1:02.9 | Today, we have an amazing guest. |
| 1:05.5 | We have a guest coming back to us. |
| 1:07.6 | We have Mary Beth Franklin. |
| 1:08.8 | If you've been following our show for some time, |
| 1:11.3 | you're probably familiar with that name, Mary Beth. Mary Beth has become our most downloaded, |
| 1:17.9 | most watched YouTube video of all time over on the YouTube channel. So if you're listening to |
| 1:22.9 | this on the podcast, make sure you're checking out all the amazing resources you can find on our YouTube |
| 1:28.5 | channel as well. Her video laid the foundation for this conversation today, talking about |
| 1:34.6 | the foundational elements of Social Security already going to be around a million views |
| 1:39.6 | and 7,000 likes. So please be sure to go back and check out that episode. I would encourage you to |
| 1:45.8 | check out that episode and listen to that episode prior to really diving into this one. Our initial |
| 1:51.6 | conversation really laid the foundation of what Social Security is, how it functions. Today, |
| 1:56.7 | we're going to be taking that to the next level. If you're not sure who Mary Beth is, I'll just give you a quick refresher of Mary Beth's background. |
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