Retirement Readiness: Mary Beth Franklin on Social Security Benefits & Planning

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Mary Beth Franklin is one of America's outstanding personal finance journalists. This podcast covers a scary reality. Some 75 million Baby Boomers have retired or are retiring far too early with far too little savings. They are looking at a retirement that may last longer than they worked. There are ways to rescue tens of millions of retirements. But it's not by taking Social Security the minute you leave work or worrying unnecessarily about losing benefits by going back to work. Take a listen to a brilliant mind and a caring heart. 

In This Episode:

I invite 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.

Watch or Listen!

Related: Social Security on the Brink: Debating Solutions With Arun Muralidhar and Kathleen Townsend