46. The Future of Social Security: What Retirees Need to Know | Martha Shedden
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Social Security is one of the most important sources of retirement income, yet it's also one of the most misunderstood. In this special Retirement Income School™ interview, I sit down with Martha Shedden, co-founder and president of the National Association of Registered Social Security Analysts (NARSSA), to discuss how Social Security really works and why your claiming decisions can have a lasting impact on your retirement income.
We cover the history and purpose of Social Security, claiming strategies, spousal and survivor benefits, taxation of benefits, and the biggest misconceptions retirees face today. Most importantly, we address the question that's on everyone's mind: What does the future of Social Security really look like, and should retirees be worried?
Whether you're approaching retirement or already collecting benefits, this conversation will help you make more informed Social Security decisions.
SHOWNOTE LINK: https://actuary.org/socialsecurity/
Timestamps:
00:00 – Introduction
01:10 – Meet Martha Shedden & NARSSA
02:05 – The History of Social Security
04:10 – Why Social Security Is Your Retirement Income Floor
06:15 – Full Retirement Age & How Benefits Are Calculated
09:30 – Spousal Benefits Explained
15:45 – Survivor Benefits & Divorced Spouse Rules
20:10 – Real-Life Claiming Strategy Example
22:50 – How Social Security Benefits Are Taxed
25:35 – How I Use RSSA Software With Clients
26:20 – The Future of Social Security
27:20 – Will Social Security Run Out of Money?
29:15 – Potential Changes Congress Could Make
33:20 – Should You Claim Early Because You're Worried?
34:00 – Martha's Final Advice for Retirees
34:45 – Closing & Retirement Income School™
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About Dr. Amanda
Amanda Barrientez | PhD, RICP®, RSSA®, NPN #19460436
IBC Practitioner®, Ed Slott's IRA Advisor Group Member®
Court of the Table Member MDRT®
Dr. Amanda is the founder of Retirement Solutions Financial™ and creator of the Retirement Income School™. After losing her father and helping her mom navigate retirement, she felt called to help others avoid the stress and confusion of planning alone.
She specializes in safe money strategies using dividend-paying whole life insurance, fixed index annuities, long-term care coverage, and Social Security claiming strategy. Her mission? To help you protect your wealth and enjoy a secure, stress-free retirement with confidence.
⚠️ DISCLAIMER
The information in this podcast is provided for general educational purposes only and does not constitute financial, legal, or tax advice. Retirement Income School™ and Dr. Amanda Barrientez do not provide individual investment recommendations. Always consult with a licensed advisor or tax professional before implementing any strategy discussed.