094 Jeff Miller: What's New With Social Security In 2022

About Fun With Annuities Episode #94

Jeff Miller continues to be one of our most popular guests because of his expertise on the Social Security topic. This podcast did not disappoint and is filled with incredible insight into what is happening with Social Security in 2022 and Jeff’s predictions for the future.

The most interesting things happening right now are issues related to inflation. Will prices continue to rise at their present rate? Will the increase in Social Security payments continue beyond 2022?

Jeff explained why benefits and Medicare premiums are up substantially. Benefits are up, but this is because inflation was very high in 2021. But if prices continue to rise, the advantages of the Social Security income increase will be wiped out by the rising cost of living.

Jeff went into detail on the viability of the Social Security trust funds and how that viability depends on the economy’s health. The economy is growing now and has reached levels higher than before the pandemic hit, but it is a different economy with a smaller workforce. That smaller workforce contributes less to the Social Security trust funds, so it is not clear yet how this will affect the trust funds…especially if high inflation continues.

Jeff covered many aspects of determining when to claim benefits including how married couples need to think of their claim as a joint decision, not an individual decision, and how retirement decisions and Social Security claiming decisions are distinct. He also mentioned that while people need income when they retire, separating the timing of these two decisions can be beneficial if they can be managed financially.

Those are just some of the items that Jeff knocked out of the park during this podcast. Everyone needs an objective Social Security expert. Jeff Miller is now that person for all of my clients & listeners. Enjoy!

"They link the two - retirement and claiming as if they’re the same thing. If you got our reports, you will see when the optimal time is to claim - and we don’t ask you when you’re gonna retire… If you’re gonna do an optimization of this - that’s not directly relevant to the issue." —  Jeff Miller.

Brief Bio on Co-host: Jeff 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:

• Benefitting from an expert’s guidance
• Inflation and increases in rates
• Correcting the social security issue
• Deciding when to retire and when to claim social security

Key Takeaways:

• Consult with experts in social security to get as much valuable information as you need and generate the most optimal strategy that’s tailor-made for you.
• Inflation will affect each one differently, but it will affect everybody somehow - especially in general needs, such as an increase in food prices.
• It's easy for politicians to paint all rich people as evil, forgetting that most people with a lot of money scrimped, saved, and worked their whole lives for it.
• Retirement is not relevant to when to claim your social security. What’s relevant is if your benefits will go up if you delay a year or how does it match your life expectancy.

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.

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