Everybody knows ‘Social Security is going to go broke’...but is it?
A Social Security discussion often becomes a political one, and a key question often gets ignored for a retiree- what functionally happens to the check I get every month when Social Security “goes broke”? Would you be surprised to find out you will likely still get a check?
In this episode focused on retirees (and not politics), Sonoma Wealth Managing Principal Daren Blonski CFP® and Marketing Director Dano Weir are joined by Certified National Social Security Advisor Clay Dunkle CFP® on the realities of what Social Security might look like for a retiree after 2035. What’s inside this episode is not what you’ve heard in your newsfeed. We hope you find it educational and informational.
0:00 How does Social Security even work?
5:10 Why Social Security is now having problems
6:40 What happens when the Social Security Trust hits $0?
10:38 Social Security by the numbers
11:41 How could the government fix the problem?
14:18 Next tax bill's impact on Social Security
17:11 The Windfall Elimination Provision
19:25 Should you even plan for it to be there?
22:51 How do we help clients with Social Security?
25:00 When are you going to die?
26:11 Other ways the government could fix the problem
27:07 Should you take it early or later?
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