Social Security FAQs

May 15, 2023 on ForYourBenefit, hosts Bob Leins, CPA® and Tammy Flanagan, Senior Benefits Director NITP, welcome Mary Beth Franklin, Certified Financial Planner®, Contributing Editor for InvestmentNews, President of RetirePro, and foremost Social Security expert.

  • What are the claiming strategies for Social Security that will maximize your retirement security?
  • When does it make sense to claim Social Security at 62?
  • When does it make sense to delay claiming Social Security?
  • Can you still do-over your Social Security election or can you suspend your benefit payments?
  • What is the difference between payroll taxes and the income taxes you may have to pay on your benefits?
  • What are the “Social Security Trust Funds”?
  • How is Social Security financed?
  • Is Social Security going broke?
  • What does the 2023 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% of scheduled benefits?
  • What are the likely changes that lawmakers will make to reduce or eliminate the long-term financing shortfalls in Social Security and Medicare?
  • What is the purpose of the Social Security cost-of-living adjustment?
  • Inflation is at near record highs; will the COLA keep up with inflation?
  • If I delay Social Security past age 62, will I miss out on the COLAs?

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