Retirement Readiness: Mary Beth Franklin on Social Security Benefits & Planning
2024-05-07
Take the guesswork out of financial decisions at every stage of life with Maxifi: https://maxifiplanner.com/. Designed by Economist Laurence Kotlikoff.
Professor Kotlikoff invites Mary Beth Franklin, a seasoned personal finance journalist, and a certified financial planner, recognized for her profound insights into Social Security, tax legislation, and retirement planning. With over four decades of experience, Mary Beth brings a wealth of knowledge from her work with leading publications such as United Press International and Investment News. Her expertise makes her a trusted authority in navigating the complexities of retirement and Social Security strategies.
Topics Covered:
- Maximizing Social Security Benefits
- Challenges of the Modern Retirement System
- The Sustainability of Social Security
Timestamps:
- 06:56 Mary Beth transitioned from government to journalism, specialized in finance.
- 12:50 Period of typing stories, changing jobs wisely.
- 20:12 Many people don't participate in retirement planning.
- 25:38 IRA vs 401K, pensions impact retirement satisfaction.
- 28:06 IBM led shift from defined to contribution plans.
- 34:50 Changes in 1983 led to current income imbalance.
- 40:33 Reforming retirement age and Social Security system.
- 43:58 Social Security reserves depleted by 2034. Political crisis.
- 48:38 Fewer babies, changing workforce demand political action.
- 54:11 Work in retirement is financially beneficial option.
- 01:03:03 Delay Social Security, maximize benefits for couples.
This episode will give you a deeper understanding of how to secure your financial future, learn strategic approaches to retirement planning, and discover the critical adjustments needed within national policies to support lasting social security benefits.
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Laurence Kotlikoff is a Boston University Economist, a NY Times Best Selling Author, President of maxifi.com, and Author of Money Magic.
Follow Professor Kotlikoff:
Facebook: kotlikoff
Twitter: @kotlikoff
LinkedIn: laurencekotlikoff
Substack: https://larrykotlikoff.substack.com/
Books: https://kotlikoff.net/books/
Company: https://maxifiplanner.com/
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