May 1, 2023

Ep 116: Getting Real About Social Security

116 Getting Real About Social Security (2)
We are going to talk about getting real about social security. This has been an ongoing discussion with clients, particularly younger clients for a while but it seems to becoming more prominent. There are more headlines around social security and its future.
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Join us as we try to set your mind at ease as to what is really going on with social security, what you should pay attention to, and what you can scroll right past.
We aren’t necessarily discussing what the strategies are but more about the way people think about social security. We address some of those things that are floating through the papers in the news media. The main thing is all the headlines recently around the funding of social security and inflation being high in the last year.
There was a huge cost of living adjustment to social security but that then sped up all of the doomsday scenarios around when social security starts to run out of money.
We reference an article in The Wall Street Journal Fear Over Social Security’s Future Leads Some to Claim Retirement Benefits Early
If Congress does nothing they would project a 23% cut to benefits as early as 2034. The interesting thing about this is it’s probably surprising
for a lot of people but maybe it shouldn’t be. Social Security has been printing where the trust fund is on your social security statement.  Literally, the front page of it for quite some time.

It’s human nature to forget about something until it becomes important to you. The main point of the article is that a lot of people are starting their social security draw at 62. They think that if they go ahead and start social security it will be harder to mess with their current payments.

Fear is driving people to make a decision not based on the numbers or the strategies that might be most beneficial but more with a mindset of, “I have to get mine before it’s gone.”
Listen to the full episode to hear why people make decisions out of fear, and how you can avoid it to make the most out of your social security benefits.

About Shotwell Rutter Baer

Shotwell Rutter Baer is proud to be an independent, fee-only registered investment advisory firm. This means that we are only compensated by our clients for our knowledge and guidance — not from commissions by selling financial products. Our only motivation is to help you achieve financial freedom and peace of mind. By structuring our business this way we believe that many of the conflicts of interest that plague the financial services industry are eliminated. We work for our clients, period.

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Call us at 517-321-4832 for financial and retirement investing advice.

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