Big Social Security Increase Coming - Mark Singer #5312
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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