Has the Government Ever Reduced Social Security Benefits? - 330

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 15 June 2021

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

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Summary

Have Social Security payments ever been cut for those already receiving them? Plus, survivor benefits, the Windfall Elimination Provision (WEP), and CalPERS. Also: what retirement accounts should you save into in what order? How should you withdraw from a brokerage account in retirement? And paying the tax on a Roth conversion, overfunding a 529 plan for education, and mortgage refinancing and interest deduction. Access the transcript and financial resources, ask Joe & Big Al On Air: https://bit.ly/YMYW-330

Transcript

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0:00.0	Today on Your Money, Your Wells Podcast number 3.30, have Social Security payments ever been cut for people who were already receiving them?
0:08.0	How does Social Security work with CalPERS, the California Public Employees Retirement System?
0:12.5	And how do Social Security survivor benefits work?
0:15.5	Plus, what retirement accounts should you save into in what order?
0:19.3	You remember John, the former chickens owner? He wants to know about sequence of savings and he tells the backstory on those chickens.
0:25.6	And you got your LIFO and your FIFO and your Lilo. How should you withdraw from your brokerage account in retirement?
0:31.6	Also, more on paying the tax on a Roth conversion as well as overfunding a 529 education savings plan and a strategy to refinance
0:39.9	your house and deduct interest.
0:41.8	I'm producer Andy Last and here are the hosts of Your Money, Your Wealth, Joe Anderson,
0:46.4	CFP and Big Alclopine CPA.
0:49.4	Gary from La Mesa.
0:51.2	Hello.
0:51.8	I love the show.
0:53.2	I presently, I'm presently watching the May 16th show in Social Security.
0:57.8	Why did I ask?
0:58.9	Has the government ever reduced benefits from those already received them?
1:04.1	The point being is there is a discussion of reduced benefits being a possibility beginning
1:09.5	in 2035, a reduction is projected to be
1:12.7	21 to 30 percent of current planned benefits. But that in mind, would it be better to claim early
1:18.4	before 2035 as a strategy to avoid that possible reduction if it were enacted and I had to wait until age 67 or 70 to claim my
1:31.8	benefits. Thank you. And I hope this question makes sense. Yeah. So Gary's watching the old TV show.
1:37.5	It looks like. Yeah. And he's thinking, well, 2035, the trust fund's going to be exhausted.
	...

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