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Podcast Special Feature

071 Jeffrey Miller: Social Security Strategies Explained

Fun With Annuities Podcast Celebrity Series

About Fun With Annuities Episode #71

Please Note: The website Jeff talks about for finding your social security income number is incorrect. The correct website is https://www.ssa.gov/myaccount. We apologizie for any confusion.

As you have heard me say so many times, Social Security is the best inflation annuity on the planet. So if someone says that they "hate all annuities, " they are a hypocrite because everyone with a Social Security number already owns an annuity!

I received so many requests to have a Social Security expert on my podcast that it got annoying. So, guess what? This week's Fun With Annuities podcast co-host is a professor of economics emeritus from the University of Delaware that co-founded one of the best resources available to make the best Social Security claiming decisions. His name is Jeff Miller, and he is mad smart when it comes to all things Social Security.

You will absolutely love this podcast because we dug into the Social Security weeds and covered life expectancy across all income categories and how that can affect your claiming decision. Jeff also explained why using average life expectancy numbers can be very misleading ad how recent inflation numbers might really change future adjustments in Social Security benefits. He shared, "As a general rule... consider your spouse when you make your claiming decision. If you're the higher-earning spouse, even if you're in poor health, you may want to delay to make sure that your spouse gets the highest possible benefit after you pass."

We also discussed the realities of the financial challenges currently facing Social Security and how the pandemic has potentially affected the viability of the program and the guarantees people depend upon for retirement. Jeff also explained how possible changes in the tax and benefit structures to solve Social Security problems might affect people moving forward.

You want Social Security expertise. You got it!

Brief Bio on Co-host Jeffrey Miller:

Since retiring from the University of Delaware, he taught for five years at Gallaudet University, the world's only liberal arts university for the deaf. And in 2009, he co-founded SocialSecurityChoices.com, an online company that provides advice on Social Security claiming decisions. Let's face it. There is very little useful information out there about how to claim your social security benefits.

SocialSecurityChoices.com is dedicated to helping clients answer the following important question: "What is the best age to claim my Social Security benefits?" Answering this question correctly is very important because there is a lot at stake. The site has specialized software that provides detailed quantitative information about the financial advantages or disadvantages of claiming your Social Security benefits at various ages. If you don't want to leave money on the table, go check it out.

In this episode, The Annuity Man and Jeff Miller discuss:

  • Life expectancy and income level demographics
  • Until what age should you wait?
  • Figuring out your life expectancy
  • Inflation, where is it going and how will it affect social security

Key Takeaways:

  • With any type of lifetime income-stream annuity, it’s all about life expectancy - the older you are, the higher the payment.
  • Find what your social security benefits would be at full retirement age.
  • People in higher incomes seem to have a longer life expectancy. But a lot of people don’t consider themselves wealthy even if they are, so it still depends.
  • The estimation of when the social security trust fund will run out of money keeps getting closer and closer.

Fun With Annuities Podcast is hosted by America’s Annuity Agent®, Stan Haithcock, The Annuity Man®. Hear brutal annuity facts with no sales pitches from the top independent agent in the country, licensed in all 50 states. Author of 7 books, Stan dives deep on all annuity types and strategies. It’s fun, learning the contractual truths on how annuities actually work and if they’ll fit your personal retirement lifestyle.

Listen in on how you can be livin’ the reality, not the dream. Listen and subscribe on Libsyn, Stitcher, Apple Podcasts, Google Podcasts, Amazon Podcasts, and Spotify.


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