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{PODCAST} Smartly Claiming Social Security with Mary Beth Franklin Thumbnail

{PODCAST} Smartly Claiming Social Security with Mary Beth Franklin

When planning for your retirement one of the most important decisions to make is when to claim Social Security benefits.

Make the wrong decision and you can lock in a loss for the rest of your life.

Make the right decision and you may help secure the lifestyle you desire.

Today’s very special guest is Mary Beth Franklin, author of “Maximizing Social Security Retirement Benefits”. A nationally known speaker, Mary Beth shares her vast knowledge and helps people navigate through the social security maze to find the right income solutions with clear and simple advice.

Summary 

Mary Beth Franklin, the go to person for social security knowledge, joins Catherine Allen-Carlozo to discuss what you might’ve missed about social security.  

Making the wrong moves while claiming social security can mean that you are leaving lots of money on the table. In fact, making just ONE decision can increase your income by a whopping 76%. 

Mary Beth Franklin is a renowned social security expert. She is a Certified Financial Planner and the author of the well-known ebook Maximizing Your Social Security Benefit. A nationally known speaker, Mary Beth shares her vast knowledge and helps people navigate through the social security maze to find the right income solutions with clear and simple advice.

Tune into this episode to learn: 

  • Reasons you SHOULD and reasons you SHOULDN’T claim social security early. 
  • How to increase benefits for you and your spouse. 
  • Will social security end before millennials and Gen Z are able to claim it?
  • Whether or not you should rely on social security ONLY for retirement. 

Timestamps

[00:30] Who is Mary Beth Franklin? 

[02:37] Getting her Certified Financial Planner (CFP) certification. 

[04:12] The only form of guaranteed income for most people.  

[05:44] When is the best time to claim social security (most people are confused about this)? 

[07:28] Can you rely on social security ONLY for your retirement? 

[09:28] Should you delay claiming social security until you are 70 (a whopping income increase here). 

[12:22] How can you maximize the social security survivor’s benefit (household social security strategy)?

[16:52] If you are born before this date, you have some fancy claiming options.

[18:23] Is the spousal benefit automatic and is the survivor benefit automatic? 

[22:09] How much is the lump sum death payment (this has never changed). 

[23:14] How can you educate yourself about social security (if you don’t you might be leaving money on the table)? 

[25:45] Is social security coming to an end? (Fear around the future of social security) 

[28:23] Things congress can do to make sure that social security is maintained in the future. 

[33:45] Set up your social security account if you haven’t already done so!

Key Highlights 

  • For many people, social security is the only form of guaranteed income. You can claim social security anytime between ages 62 and 70. 
  • Many people apply for social security before their full retirement age. Your full retirement age varies depending on when you were born. It is 66 for people born between 1943-1954 and it increases by 2 months for every year between 1954-1959. For people born in 1960 or later, their full retirement age is 67.
  • Relying solely on social security for your retirement is not enough. It is best to set up multiple streams of income so that you have a good cushion for retirement. 
  • In a married couple, the spouse with the higher income should delay claiming social security. This way, you can maximize the survivor benefit. If a spouse is not employed, he/she should collect social security early because it brings cash into the household and does not affect the survivor benefit.  
  • There are more than 2700 rules that govern social security benefits. So, don’t fret that you don’t know all these rules. A financial advisor will be able to help you. 
  • The funeral benefit is $255, this has not changed over the years. 
  • Mary Beth Franklin thinks it is unlikely that social security comes to an end. Social security is the most successful program in American history. Congress is unlikely to end social security, it would cause too much political and economic upheaval. 
  • You will find lots of information on the government’s social security website. However, what you will not find is advice on how to maximize your social security income. 

Useful Links

Set up your Social Security Account: Government Application

Connect with Mary Beth Franklin:  Get the E-book: Maximizing Social Security Benefits | LinkedIn

Connect with Catherine Allen-Carlozo: LinkedIn