For Your Benefit

Social Security FAQs

June 27, 2022 on ForYourBenefit, host Tammy Flanagan, Senior Benefits Director NITP, welcomes Mary Beth Franklin, Certified Financial Planner®, Contributing Editor for InvestmentNews, President of RetirePro, and foremost Social Security expert.  Tammy and Mary Beth will explore the following important topics:

  1. What are the claiming strategies for Social Security that will maximize your retirement security?
  2. When does it make sense to claim Social Security at 62?
  3. When does it make sense to delay claiming Social Security?
  4. Can you still do-over your Social Security election or can you suspend your benefit payments?
  5. What is the difference between payroll taxes and the income taxes you may have to pay on your benefits?
  6. What are the “Social Security Trust Funds?”
  7. How is Social Security financed?
  8. Is Social Security going broke?
  9. What does the 2022 Social Security Trustees report mean when it states: The fund’s reserves will become depleted and continuing tax income will be sufficient to pay 77 percent of scheduled benefits?
  10. What are the likely changes that lawmakers will make to reduce or eliminate the long-term financing shortfalls in Social Security and Medicare?
  11. What is the purpose of the Social Security cost-of-living adjustment?
  12. Inflation is at near record highs; will the COLA keep up with inflation?
  13. If I delay Social Security past age 62, will I miss out on the COLAs?

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