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Chubb creates safe and secure premises to give business owners the confidence that their people and assets are being protected from risk.We are one of the Canadas leading solutions providers, trusted by businesses across a wide range of sectors offering excellence, expertise, and efficiency in everything we deliver.Chubb systems and services are fully tailored to meet the specific needs and requirements of each circumstance.
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The Power Of Software And Navigating An Ever
In this episode, Jack Sharry talks with Mary Beth Franklin, a columnist and contributing editor at Investment News, specializing in social security, medicare, and retirement income.
Were living in a time where traditional retirement rules no longer apply, in part because of COVID-19s dramatic impact on money in motion. As a result, helping clients navigate retirement is more complex than ever before. Having spent her career covering retirement from all angles from policies on Capitol Hill to life inside private firms Mary Beth has a unique understanding of where weve been and, more importantly, what retirement now calls for.
Given her unique expertise on all things social security, Mary Beth emphasizes the importance of software in achieving increased personalization and how advisors can help clients answer the ultimate retirement question whats the optimal sequence for withdrawing retirement income?
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Strategies To Meet Changing Retirement Goals From Personal Finance Expert Mary Beth Franklin
The Covid pandemic has caused many of us to reassess multiple aspects of our lives: where we live and work, how we spend our time and money, and who we spend our time with. It has also had a big impact on retirement planning. According to a comprehensive study, first conducted in 2019 by Edward Jones and Age Wave and updated several times since, there are four pillars to a fulfilling retirement: health, family, purpose, and finances.
In the most recent survey, The Four Pillars of The New Retirement: What a Difference a Year Makes, heres how retirees ranked the important elements to achieving what the study calls optimal well-being:
- 85% of retirees said having good physical/mental health was key
- 77% ranked having family and friends that care about me
- 69% emphasized having a sense of purpose in life
- and 59% of retirees said being financially secure
More emphasis on quality of life over financial success now permeates all adult demographics.
Regardless of how we feel about our lives, the reality is financial security is an important element of achieving all of the other desirable goals, which is where this weeks guest.
She is retirement expert Mary Beth Franklin. Franklin is a certified financial planner, award-winning personal finance journalist, contributing editor at InvestmentNews, host of the podcast The Retirement Workshop and the social security expert author of the ebook Maximizing Social Security Retirement Benefits now available in the 2022 edition.
Your Presenters Are Cindy Hounsell Jd Mary Beth Franklin Cfp Shelley Giordano And Betty Meredith Cfa Cfp Crc
Meet Cindy Hounsell, JD Women and Retirement Advocate and Expert
Retirement planning experience
An attorney and retirement expert, Ms. Hounsell has been widely quoted in various media and publications including The New York Times, The Wall Street Journal, Forbes/PBS Next Avenue, Barrons, U.S. News and World Report, CNN, CNBC and NPRs 1A, All Things Considered, Morning Edition and
Ms. Hounsell also serves as Director of the National Resource Center on Women and Retirement the Center WISER operates in partnership with the U.S. Administration on Aging. Through the Center, Ms. Hounsell provides technical assistance to national organizations and trains leaders and grassroots advocates across the country.
Meet Mary Beth Franklin, CFP®, Expert on Social Security Claiming Strategies
Retirement planning experience
- Mary Beth Franklins appearances on Consuelo Mack|WEALTHTRACK
Presentations usually range from 45 to 90 minutes and include questions and answer sessions with the audience. Some of Mary Beth Franklins presentations include:
Retirement planning thought leadership and expertise
She has a long-time interest and expertise in retirement issues, Social Security, and taxes, with a background in the federal budget, international trade, and Capitol Hill as it affects personal finance.
Meet Shelley Giordano, Reverse Mortgage Expert
Retirement planning experience
Retirement planning thought leadership and expertise
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What Mary Beth Has To Say
Advisors and software providers need to understand that and the best thing they can do is stay on top of these changing environments, pivot where theyre can, and help their clients make the best decision for them.
Mary Beth Franklin, Contributing editor at Investment News
Read the full transcript
Jack Sharry: Hello, everyone. Welcome to WealthTech on Deck. This is the podcast where we talk with industry leaders about the future of digital and human advice, as we all work to enable advisors and their clients to enjoy improved financial outcomes. Today were talking with Mary Beth Franklin. Mary Beth is a very popular columnist and contributing editor at investment news, specializing in Social Security, Medicare and retirement income, Mary Beth, good to have you on the show. Thanks for joining us today.
Thanks, Jack. I always love to chat with you about these really important topics.
Jack Sharry: Great, great. Looking forward to our discussion. So Mary Beth, lets start by having you give us a highlight story of your career. You have been a financial journalist for some time, please share with our audience your background leading up to our discussion today.
Jack Sharry: And you do it very well. were avid followers of your column. In fact, one of our colleagues, Alyson, youre her heroine.
Oh, I always like girl power.
Its called Maximizing Your Social Security retirement benefits, and its available at investmentnews.com/mbfebook.
Getting The Most Out Of Social Security Mary Beth Franklin On Maximizing Your Retirement Benefits
COVID-19 has thrown a monkey wrench into many retirement plans as millions of Americans were thrown out of work and many were forced to tap into retirement accounts to pay the bills.
The experience has made Social Security benefits even more valuable to potential and current retirees. According to Social Security expert Mary Beth Franklin, they account for half or more of total income for 50% of married couples and 70% of unmarried individuals.They are the only source of guaranteed income for life for most Americans, and they have the added bonus of adjusting for inflation, thus protecting purchasing power.
She has written that deciding when and how to claim Social Security benefits is one of the most important decisions that retirees will ever make. In this weeks show, I asked her how the pandemic is affecting those decisions.
WEALTHTRACK Episode #1712 Originally Broadcast on September 18, 2020
Listen to the audio only version here:
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Make The Most Of Your Social Security Benefits
Guidance on when to claim benefits based on your personal needs.
Guidance on when to claim benefits based on your personal needs.
Executive summary
Social Security represents the single largest source of income for the majority of older Americans, accounting for 50% or more of total retirement income for at least half of all married couples and more than two-thirds of unmarried individuals.
Social Security benefits represent one of the few sources of guaranteed income that retirees can count on for the rest of their lives. You can generally claim Social Security anytime between age 62 and 70, but the longer you wait to start benefits, the bigger your monthly benefits will be for the rest of your life.
While there has been a growing appreciation of the value of maximizing Social Security benefits in recent years by delaying benefits, the coronavirus pandemic and its devastating impact on the economy has prompted some Americans to rethink their previously planned Social Security claiming strategy to meet immediate income needs. The following article explains:
- basic rules for claiming Social Security benefits
- consequences of claiming reduced benefits early
- possible remedies for reversing those claiming decisions in the future
- and the value of delaying benefits for those who can afford to wait.
Increasing Your Social Security Benefits
They say that timing is everything and there is one area of retirement planning where getting it right can make a huge difference in your retirement income and security. This week we are devoting our entire program to helping you maximize your and your loved ones social security benefits with the help of one of the acknowledged experts in the field, personal finance journalist, Mary Beth Franklin. More on her in a moment.
The conventional wisdom when it comes to social security follows the old adage- a bird in hand is worth two in the bush and many Americans need the income that social security offers starting at age 62. But as youll hear from Mary Beth Franklin, the cost of such a decision can be high for millions of older people and their family members. Mary Beth is now a contributing editor at InvestmentNews, the leading trade publication for financial advisors. For many years, she was a senior editor at Kiplingers Personal Finance magazine and editor of Kiplingers annual retirement income issue. In a recent interview, I asked Mary Beth why timing is so important, when taking social security benefits.
WEALTHTRACK Episode #839 Originally Broadcast on March 23, 2012
Listen to the audio only version here:
We have compiled additional information and content related to this episode. Guest Info
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Who Is Eligible For Social Security
The following people are eligible to receive social security benefits:
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Full Transcript Of Steve Chens Interview With Mary Beth Franklin
Steve:So welcome to the 10th podcast for New Retirement. Today were going to be talking with Mary Beth Franklin, a nationally recognized expert on Social Security, about how to maximize your Social Security benefit given the recent changes to the program and tax law. Our goal is to help people who are planning for retirement or financial independence with financial insights, stories, and ideas for making the most of their lives.
Steve:Mary Beth is the author of Maximizing Social Security Retirement Benefits, a contributing editor at Investment News, a former tax editor at Kiplinger and a CFP. Some quick things about Mary Beth: she is a dynamo. I recently met up with her. We recently met up face to face at Retirement Income Summit in Chicago. She lives in Washington, DC but also travels with her currently retired husband. Were going to be talking today about a presentation she actually did at the Retirement Income Summit called When Theyre 64, which was inspired by a recent get-together she had with some long-term friends. Theyve been friends for 50 years and the topic came up on Social Security since its all becoming relevant for their lives now. So that was the reason for the title of that deck. Its a personal thing for Mary Beth and her friends right now.
Steve:Okay so here we go. Im going to just jump in with some questions. So Mary Beth, welcome to the show. Appreciate you making the time.
Thank you.
What Is Social Security
In 1935, President Franklin Roosevelt signed the Social Security Act. This new federal legislature started the collecting of taxes in 1937. Since then, working citizens across the United States began paying into social security in order to have a form of guaranteed income once they reached retirement age.
The Social Security Act was initially meant to be a form of basic retirement for working individuals. However, in 1939, an amendment was made to the act that allowed spouses and/or children to begin receiving social security survivor benefits if a parent or spouse was deceased and qualified for social security income.
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How Work Affects Benefits
Anyone who collects Social Security benefits before full retirement ageincluding retired workers, their spouses, divorced spouses, and survivorsare subject to earnings restrictions if they continue work while receiving benefits. The earnings cap applies only to wages from a job or net self-employment income, not other sources of income such as investments, pensions, other government benefits or payment for work you completed before retirement.
In 2021, you lose $1 in benefit for every $2 earned over $18,960 if you are younger than FRA for the entire year. The earnings cap is indexed to inflation and increases in years when there is a COLA.
Lets say you are 62 and are eligible to collect $1,250 per month in Social Security benefits for a total of $15,000 per year. Assume you claim benefits early and you continue to work. If you expect to earn $40,000 from that job, thats $21,040 over the earnings limit so you would forfeit half of that excess amount– $10,520 in benefits.
The Social Security Administration would withhold your first nine months of benefits due to excess earnings and would send your full benefits in October November and December. SSA would refund the excess $730 it withheld this year to satisfy the earnings cap . The following year, the clock would begin again with the new earnings limit for 2021.
Once you reach FRA, the earnings cap disappears, meaning you can continue work without reducing your Social Security benefits.
Social Security Strategies With Mary Beth Franklin
In episode 22 of Revamping Retirement, Mike Webb chats with Mary Beth Franklin, contributing editor to InvestmentNews and a nationally recognized expert on Social Security claiming strategies.
Sharing the current funding concerns and potential future reforms for Social Security, Mary Beth provides tips on when to claim and when to delay Social Security benefits in order to maximize valueparticularly in the current low-interest rate environment. She also highlights the specific need for women to carefully consider their Social Security claiming strategy to ensure sufficient retirement income.
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In Women And Retirement By Cindy Hounsell Mary Beth Franklin Shelley Giordano And Betty Meredith You Will Gain Ideas For Helping Your Women Clients Family And Friends Be More Retirement Secure
This on-demand webinar is a recording of a recent live webinar. Check our WEEKLY REBROADCAST SCHEDULE where there is no need to take the online quiz to receive CE. You may also take this on-demand course any time for 2 hrs CFP®, CRC®, and other Continuing Education Credits when you pass the online quiz.
Cola And Social Security Benefits
IN ANTICIPATION OF the largest cost-of-living adjustment in nearly 40 years, one financial adviser asked whether he should urge his clients to claim Social Security now to lock in the annual benefit boost next January, which could top 6%. I assured him that that was not necessary as anyone who is 62 or older in 2022 and eligible for Social Security will profit from next years COLA even if they have not yet filed for benefits.
You are eligible for annual cost-of-living benefits increases starting with the year you turn 62, according to the Social Security Administration publication Your Retirement Benefit: How Its Figured. This is true even if you dont file for benefits until your full retirement age or even age 70.
SSA increases your benefit beginning with the year you reach 62, and benefits are increased yearly to reflect the increase, if any, in the cost of living as measured by the consumer price index.
Social Security retirement benefits are based on an individuals average lifetime earnings. SSA calculates your average monthly earnings during the 35 years you earn the most and indexes those earnings to account for changes in average wages since the year the earnings were received.
35-YEAR CALCULATION
SSA then applies a formula to those average indexed earnings to calculate your basic benefit or primary insurance amount. That is how much you would receive if you claimed Social Security at your full retirement age.
InvestmentNews.
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