Social security might be your largest asset in retirement, but how long will it last? And how can you increase the amount of money you receive when you retire? When you don’t know what you’re entitled to, you might be leaving more money on the table than you think. Catherine from HFM Investment Advisors and Martha Shedden, a social security expert and educator, have a conversation about what you must know about social security so that you can get as much money as possible during retirement.
Martha Shedden runs Shedden Social Security to help retirees maximize the amount of social security they receive. She is the co-founder of the National Association of Registered Social Security Analysts.
Tune into this episode to learn:
How much money you would lose by claiming social security too early
Whether social security will be discontinued in the future
Why you should discuss survivor benefits with your spouse
[00:40] Who is Martha Shedden?
[03:48] When should you claim your social security?
[09:00] Will social security be increasing in the future?
[12:30] Will social security run out?
[15:34] What you must know about survivor benefits
[20:47] Why you shouldn’t think of social security as a tax
[24:55] What happens if you earn an income while collecting social security
[25:51] How to avoid costly misinformation about social security
4 Key Highlights
You can rack up social security claims in the 6 or 7 figures. You contribute to social security for several decades, these contributions add up. You can be leaving lots of money on the table by making an uninformed decision about when you claim and how you claim social security.
The majority of people collect social security before their full retirement age. Only around 3% of people collect their social security once they reach their full retirement age.
Social security is unlikely to go away since it is supported across all political parties and demographics. Benefits may decrease, but they are unlikely to disappear completely.
It is best to learn about survivor benefits in advance. You won’t be able to learn about survivor benefits during an event of loss in the family. You’ll be too occupied. This is why it is best to make time with your spouse to learn about the best way to claim your survivor benefits.