Social Security FAQs

Published: June 27, 2022, 2:48 p.m.

b'June 27, 2022 on ForYourBenefit, host Tammy Flanagan, Senior Benefits Director NITP, welcomes Mary Beth Franklin, Certified Financial Planner\\xae, Contributing Editor for InvestmentNews, President of RetirePro, and foremost Social Security expert. Tammy and Mary Beth will explore the following important topics:\\n\\nWhat are the claiming strategies for Social Security that will maximize your retirement security?\\nWhen does it make sense to claim Social Security at 62?\\nWhen does it make sense to delay claiming Social Security?\\nCan you still do-over your Social Security election or can you suspend your benefit payments?\\nWhat is the difference between payroll taxes and the income taxes you may have to pay on your benefits?\\nWhat are the \\u201cSocial Security Trust Funds?\\u201d\\nHow is Social Security financed?\\nIs Social Security going broke?\\nWhat does the 2022 Social Security Trustees report mean when it states: The fund\\u2019s reserves will become depleted and continuing tax income will be sufficient to pay 77 percent of scheduled benefits?\\nWhat are the likely changes that lawmakers will make to reduce or eliminate the long-term financing shortfalls in Social Security and Medicare?\\nWhat is the purpose of the Social Security cost-of-living adjustment?\\nInflation is at near record highs; will the COLA keep up with inflation?\\nIf I delay Social Security past age 62, will I miss out on the COLAs?\\nFor questions or comments, email us in advance at ForYourBenefit@nitpinc.com'