Social Security Webinar Recap

Recap: Navigating Social Security Webinar 2/15/2023

Are you approaching retirement age or looking to learn more about Social Security? Understanding how this government program works is crucial for securing a stable financial future. In a recent talk, Eric Lazzari and Kelly Hahn provided valuable insights into Social Security and its benefits.

Kelly Hahn provided an overview of the basics of Social Security, including how benefits are calculated, the strategy of when to claim, and the future of Social Security. She discussed how Social Security is taxed and the different claiming decisions for own, spousal, and survivor benefits. The government is more flexible in terms of what to claim and when for survivor benefits, and it pays off to claim later for higher earners.

Hahn also highlighted that there is an earnings test that applies if you are claiming Social Security benefits before full retirement age and you are working. Therefore, it’s essential to consider the expected rate of return on your portfolio and expected longevity to determine when it pays off to claim Social Security.

The future of Social Security is also a topic of concern for many people. Hahn explained that Social Security payments are funded by taxes, and the trust fund is expected to be depleted by 2035. However, she reassured the audience that Congress is unlikely to cut benefits for current retirees.

In conclusion, understanding Social Security is critical to your financial future. As you approach retirement, it’s essential to consider your options for claiming benefits and to understand how Social Security fits into your overall financial plan. Keep in mind that the rules for Social Security are complex, and it’s worth seeking professional advice to ensure you make the most of your benefits.

Related Posts

Get in Touch

Share:

cropped view of man filling in Social Security Form Concept
Understanding Social Security is critical to your financial future. As you approach retirement, it's essential to consider your options for claiming benefits and to understand how Social Security fits into your overall financial plan.

More Posts

Key Questions CFOs Should Ask Before Acquiring a Company

CFOs should review a target company’s retirement plans before acquisition to reduce liability. Key areas include compliance, plan design, funding, and fees. The type of sale (asset vs. stock) impacts how the plan is managed. A specialist fiduciary advisor can help ensure due diligence.

Business woman tearing contract at her office, Breaking contract concept

Have You Outgrown Your PEO?

Transitioning away from a PEO is a significant decision that impacts every aspect of your business, from financial planning to employee satisfaction. By carefully assessing the timing, preparing for the change, and assembling the right team of experts, you can ensure that this transition supports your company’s growth and long-term success. By embracing this change you can create a wealth of opportunity to create a custom benefits, HR and compliance strategy to help you compete for talent and add to your bottom line.

2024 Trends in Retirement Plans

2024 brings key updates in retirement planning, including Secure Act 2.0 changes, personalized 401k/403b strategies, financial wellness enhancements, and new economic considerations.

Skip to content