085: Making Sense of Social Security with Mary Beth Franklin

Social Security can feel highly complex and extremely overwhelming. Since its creation in 1934, over 2,700 rules have been created to govern its benefits. They’re not a whole lot of fun to read, think about, or try to make sense of – especially because they were made for a world that’s very different from the one we live in now.

Few people understand this better than Mary Beth Franklin. Mary Beth is a benefits guru, a contributing editor at InvestmentNews, a nationally recognized expert in Social Security claiming strategies, and a frequent public speaker. With a background as a Capitol Hill reporter and experience as a retirement and tax editor at a national magazine, she’s an authority on retirement income planning.

Today, Mary Beth joins the podcast to answer your many questions about Social Security. You’ll learn how Social Security became the overly complicated system that it is today, why you may want to delay taking your benefits (or take them early), and how best to accurately get a sense of when to start taking withdrawals (and what you’ll owe). Most importantly, you’ll find out how to avoid the bad advice that so many retirees get – and learn how to create a plan that will work for you and your family.

 

Please note: For this special giveaway of Job Optional*, we do not currently offer international shipping. Residents outside of the U.S. may obtain a copy of Job Optional* via eBook format upon request to info@howardbailey.com.

In this podcast interview, you’ll learn:

  • How Social Security has changed since its creation in 1934 – and why it has become so confusing and difficult for so many people to make sense of as they get ready to retire.
  • How people are currently using Social Security benefits to achieve a return of 8% on zero interest – and why this opportunity likely won’t last.
  • Why so many people are surprised by how much they pay in monthly Medicare premiums – and how you may end up in an even higher tax bracket in the event you become widowed or divorced.
  • The common problems and misconceptions around Social Security – and why it’s still going to be there when you retire, no matter what you’ve been told.

Special Offer

We’re giving away Mary Beth Franklin’s updated eBook “Maximizing Social Security Retirement Benefits” for FREE to the first 10 people who subscribe, rate, and review the podcast. Here’s all you need to do!

Step 1: CLICK HERE to subscribe, rate, and review the podcast on iTunes.

Step 2: Email your iTunes username to info@howardbailey.com.

Step 3: We’ll send you the eBook for FREE!

Inspiring Quotes

  • “The Social Security Administration did an internal random sample about a year-and-a-half ago. They looked at the advice that Social Security claims reps were giving to people who are entitled to both the retirement benefit and a survivor benefit. They found that in 82% of the cases, the claims rep did not give the best advice. It’s really important for you to know what you’re entitled to.”– Mary Beth Franklin

 

  • “With Medicare Part B, you pay a monthly premium, and how much you pay depends on your income in retirement. It’s true that most retirees are paying $135.50 a month for Part B in 2019, but depending on your income, you could be paying more than $450 a month per person for the exact same service. ” – Mary Beth Franklin

Interview Resources

 

Investment Advisory Services may be offered through Howard Bailey Securities, LLC, a registered investment advisor. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™ and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. The CLU® mark is the property of The American College, which reserves sole rights to its use, and is used by permission. Howard Bailey Financial is a registered trademark of Howard Bailey Financial. All rights reserved. Howard Bailey does not offer legal or tax advice. Please consult the appropriate professional regarding your individual circumstance. Not associated with or endorsed by the Social Security Administration or any other government agency. 

Read The Transcript