Nov 1, 2021
Summary:
As you get older, it’s important to have a plan regarding
retirement, social security, and medicare. I speak with Mark Singer
to address how changes in the economy are affecting these things,
and what the benefits will look like based on the circumstances.
Social security is seeing a substantial increase, but at the cost
of the funds potentially running out faster. Tune in to get insight
from Singer and myself on how you can prepare for what’s to
come.
Highlights:
-Lots of individuals are wondering what to do in terms of social
security, medicare, and retirement
-Mark Singer is the proprietor of 55retire
-Social security is getting the biggest increase we’ve seen in
decades…will it last?
-The first two quarters ran about 5.5-6% higher than the previous
year, and for the 3rd quarter it showed a 5.9% increase from the
previous year
-As a result of this inflation, social security’s liquidity
decreased by a year
-If we do nothing, social security will not have enough necessary
funding to provide 100% of the benefit. Starting in 2033, they will
be able to pay out 80% of the benefit
-There are ways we can increase the funding
-Be cautious of long term investments in consideration of interest
rates
-Inflationary prices will probably stay with us for another
year
-Get your goals straight and your strategy worked out so that you
can prepare for what’s to come
Useful Links:
Financial Survival Network
55retire
Retirement Quiz
'What's Inflation?' with Mark Singer
'Semi-Retire at 55' with Mark Singer