FYI:
Regards,
Ted
August 8, 2019
Dear WEALTHTRACK Subscriber,
We have an important favor to ask you, our viewers, this week. We would like you to participate in an anonymous survey to help us serve you better and also let our sponsors know just how special our audience is. So please visit our website for a brief, anonymous & confidential survey. Rest assured, we would never pass on your contact information to anyone. WEALTHTRACK does not receive financial support from Public Television and as a result, is completely self-funded. We personally raise the funds from our sponsors to keep the show on the air. Your information is incredibly important for them to understand how exceptional our audience is. We couldn't be more appreciative of your time and efforts on our behalf!
On the subject of financial support, paying attention to Social Security benefits pays off and needs to be taken seriously from an earlier age than most people realize.
Why start tracking it early? Social Security calculates the highest 35 years of earnings to determine your benefits. You want to make sure they get your numbers right. So even if you are decades away from collecting, it’s important to start keeping tabs. It’s easy to do by opening your personal Social Security account for free at: Social security.gov/my account to check those annual earnings figures.
The 78 million strong baby boomer generation is already there. According to Maximizing Social Security Retirement Benefits author Mary Beth Franklin the oldest boomers turned 70 and a half in 2016, the age at which they must start tapping their retirement accounts or else face steep tax penalties.10,000 people a day are hitting that number and will for the next decade or more.
Many of us underestimate how important this benefit is.
- It is the single largest source of income for the majority of Americans age 65 and older.
- It accounts for half or more of total income for 53% of married couples and 74% of unmarried individuals.
- It is one of the only sources of guaranteed income that retirees can count on for the rest of their lives.
- Its cost of living adjustments help maintain buying power over decades of retirement.
However, as Franklin points out, Social Security isn’t static. There have been some major changes in recent years. Franklin calls 2019 a watershed year because one benefit in particular is set to expire! If you were born by January 1, 1954 this is a much watch WEALTHTRACK episode. She will explain that change and other key considerations for all Americans eligible for Social Security.
In addition to being the author of Maximizing Social Security Benefits and an acknowledged expert on the subject, Franklin is also Contributing Editor at InvestmentNews, a leading publication for financial advisors and an award winning personal finance journalist.
In this week’s exclusive EXTRA feature, Franklin will explain why the claiming rules for Social Security can be quite different if you are single.
If you are unable to join us for the show on television, you can watch it on our website over the weekend. If you’d like to see it earlier, it is available to our PREMIUM subscribers right now.
If you would prefer to take WEALTHTRACK with you on your commute or travels, you can now find the WEALTHTRACK podcast on TuneIn, Stitcher and SoundCloud, as well as iTunes and Spotify.
Thank you for watching. Have a lovely summer weekend, and make the week ahead a profitable and a productive one.
Best regards,
Consuelo
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