Tag: Social Security
The Big Beautiful Bill and Your Social Security Future (Ep. 37)

The Big Beautiful Bill and Your Social Security Future (Ep. 37)

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Social Security decisions have always been a balancing act, but a new piece of legislation, the “Big Beautiful Bill,” is adding fresh twists.

This week, Adam Scott examines how recent changes impact when and how to claim Social Security, challenging viral “claim early” advice and breaking down the bill’s pros and cons. Adam unpacks myths, math errors, and what the future may really hold for your benefits.

He also delivers a sobering warning: plan for a 20% cut in benefits after 2032, and don’t count on Congress to save the day.

Adam discusses:

  • How the Big Beautiful Bill’s tax changes may mean tax-free Social Security, but only until 2028
  • Why influencer advice to claim early at 62 often ignores flawed assumptions and survivorship benefits
  • The real impact of the Social Security Trust Fund running out, and why it’s not a total disappearance of benefits
  • The connection between life expectancy, claiming age, and long-term payout strategies
  • Political and fiscal challenges make a full Congressional “rescue” of Social Security unlikely
  • And more!

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Should You Claim Social Security Early or Wait? (Ep. 27)

Should You Claim Social Security Early or Wait? (Ep. 27)

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With the Social Security Trust Fund potentially running out by 2035, should you claim your benefits now or wait for a better payout? Let’s address the reality behind Social Security’s future and its impact on your retirement plans.

In this episode, Adam Scott talks about the complexities of Social Security, exploring the imminent depletion of the trust fund projected for 2035 and what this means for retirees. As he unpacks whether to claim Social Security early or delay it, you’ll gain insights into the nuanced decision-making process, the potential policy solutions, and the broader financial strategies to consider amidst this uncertainty.

Adam discusses: 

  • The current state of the Social Security Trust Fund and its projected exhaustion by 2035
  • The political sensitivity surrounding Social Security reforms, often referred to as the “third rail of politics”
  • The pros and cons of claiming Social Security early versus delaying benefits
  • Policy options to address the shortfall, including raising taxes and adjusting benefits
  • And more

 

Resources:

 

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Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

Use Roth Conversions to Reduce your Lifetime Taxes: Turning Financial Lemons into Lemonade (Ep. 17)

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There are many benefits to  Roth conversions. But beware! Don’t step on a land mine when implementing that can blow your finances up! 

In this episode, Adam introduces his new co-host, Patrice Sikora, before discussing the benefits of Roth conversions. They highlight how these conversions can help reduce taxable income and potentially avoid higher taxes and higher Medicare premiums in retirement. Adam also discusses the impact of Roth conversions on financial aid for college and the importance of considering state taxes. The conversation concludes with an important reminder to not jump into Roth conversions alone and to avoid common mistakes by consulting a financial professional.

Adam discusses: 

  • An explanation of Roth conversions and their benefits
  • A story about a client who benefited from a Roth conversion during a low-income year
  • What the widow’s penalty is and how Roth conversions can help mitigate it
  • Why it’s important to plan carefully and consult a financial professional for Roth conversions
  • Benefits of doing Roth conversions during the “golden decade” of retirement (ages 60-70)
  • Potential impact of Roth conversions on financial aid for college
  • Why keeping state taxes in mind when planning Roth conversions is important
  • Tax arbitrage and the benefits of having different investment buckets (pre-tax IRAs and Roth IRAs) for managing taxes during retirement
  • And more

Resources:

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