As of July 2020, there are over 69 million people receiving Social Security benefits.¹ Additionally, there are 10,000 baby boomers turning 65 every single day for the next 12 years.² This is going to put some strain on Social Security when it comes to your claiming strategies, but in this video, Susan Brandeis, CFP® breaks down exactly how Social Security works, how it started, and who is eligible.
For more on How Social Security Works, check out this comprehensive article.
Sources:
- Social Security Administration. https://www.ssa.gov/policy/docs/quickfacts/stat_snapshot/2020-07.pdf
- “Baby Boomers Retire.” Pew Research Center. https://www.pewresearch.org/fact-tank/2010/12/29/baby-boomers-retire/
Joe Anderson, Alan Clopine and Pure Financial are not affiliated with or endorsed by the Social Security Administration or any other government agency. Intended for educational purposes only. Not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
