Ep 82: Social Security Update - Solvency, COLA, & Planning Strategies

10/07/21 • 32 min

1 Listener

Retire Smarter with Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®

The 2021 Social Security Trustee's Report was recently released and the 2022 COLA is near finalized. What can we expect for the COLA and glean from the report? Tune in to hear the important points and key planning implications for your Social Security benefits. Spoiler alert: Social Security solvency is not as bad as you may be led to be believed by the media and planning strategies remain important and are more key in today's low-interest rate world. Read more: https://www.truewealthdesign.com/ep-82-social-security-update-solvency-cola-planning-strategies/ The rundown for this episode: 2:41 - Background on this topic 3:40 - Trustees report 8:07 - Solvency fixes 12:49 - Cost of Living Adjustment 17:30 - Problems that create opportunities 21:35 - Survivor benefits 22:26 - SS using outdated interest rate assumptions 26:48 - Planning implications

Previous Episode

Ep 81: Math Mistakes in the Media, Investing, and in Understanding Vaccines

In the age of Covid, everyone has seemingly become a data expert .... regardless of one's understanding of data and statistics (sigh). Hear Kevin highlight some recent math errors he's observed in media, relate them to investing errors, and tie in vaccines to boot. He'll describe how making bad comparisons in identifying mutual fund category winners is subject to similar errors to drawing conclusions about the recent Cape Code headline where a Covid outbreak infected 74% of vaccinated people. He'll also explain how butter production in Bangledesh is tied to the S&P 500 and why you should (or shouldn't?) "sell in May and go away." Put your thinking cap on and happy listening! Get more information: https://www.truewealthdesign.com/ep-81-math-mistakes-in-the-media-investing-and-in-understanding-vaccines/ Key Points: 1:02 - Quick shout out for a team member 3:35 - Covid update 6:19 - Background on our topic 11:13 - Deceptive investment performance advertising 14:44 - The vaccine equivalency 19:24 - Correlation does not equal causation 25:37 - Additional examples of vaccine data and cherry-picking 36:50 - Closing thoughts

Next Episode

Ep 83: Biden‘s ”American Families” Tax Plan - Key Changes & Planning Opportunities

If you drive a car, I'll tax the street; If you try to sit, I'll tax your seat; If you get too cold, I'll tax the heat; If you take a walk, I'll tax your feet. "Taxman" - The Beatles Biden's tax proposals have finally been put into legislation and released on September 13th. Thankfully they're not as bad as the Beatles lyrics and tax increases were also less than what was expected. Hear Kevin discuss key proposals for individuals with the good, the bad, and those that didn't make it into the bill, and be sure to pay attention to the end to hear the key things to do to keep more in your pocket. Read more: https://www.truewealthdesign.com/ep-83-bidens-american-families-tax-plan-key-changes-planning-opportunities/ Today's rundown: 1:12 - Celebrating a birthday 4:33 - Background on the proposal 6:11 - The bad 10:44 - Backdoor Roths 13:36 - IRA change for accredited investors 16:02 - The good 21:20 - Things that didn't make it in 27:18 - Planning to-do items