Uncovering LGBTQ+ Social Security Secrets with Martha Shedden

Episode 59: Audio automatically transcribed by Sonix

Episode 59: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

Speaker1:
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Speaker1:
We recognize every family is unique. The goal of the show is to help you achieve financial freedom so you and your loved ones can have the retirement you've always dreamed of, a retirement you can take pride in. No matter who you are, where you're from, or who you love. So now let's start the show. Here's Matt McClure. Hello and welcome to another edition of Take Pride in Retirement. Matt McClure here with you, your host, your advisor, your friend, your pal and your confidant. I really do appreciate you joining me each and every time we are able to get together. I am so super excited about this episode in particular though. This one. You know, I told you recently that I just, uh, become, uh, just gotten a new designation, gotten some new, uh, education under my belt, became an A that's a registered social security analyst. Well, today on the show, it's all about Social Security. And my extra special guest, I almost felt like RuPaul there for a second. My extra special guest judge. No, my extra special guest is Martha Shennan, who is president and co-founder of Narsa. That's n a RSA, the National Association of Registered Social Security analyst. Great conversation with her. We're going to talk about a lot of LGBTQ, plus specific issues when dealing with Social Security and how those decisions can really make a huge difference in your income.

Speaker1:
In retirement, they really, really can. I mean, it can be the difference of, you know, making the right decision about your Social Security can be make a difference of tens if not hundreds of thousands of dollars potentially especially for like a married couple. If you time things correctly, you can really, really reap the benefits of that proper timing. But if you make a bad decision when it comes to claiming Social Security, there's really there's very little going back in Social Security. Generally speaking, once you claim your benefit, yeah, you can't really go back and say, excuse me, I'm going to have a redo. Uh, that's not really a thing. And so we're going to talk a lot about that and just a lot about her experience and why she does what she does and why I do what I do. Um, so but thank you. If this is the very first time that you're joining the show, I really do appreciate it. Maybe you've found the show because you are an LGBTQ plus Person who is interested in Social Security planning for yourself and wondering about okay. Especially in today's political climate. Like what does Social Security mean for me? Potentially. What does it mean for for me? My situation, my family, my partner? How can we navigate these benefits? Thank you so much for joining me to hopefully get a lot of those questions answered.

Speaker1:
And I will say, if you are not, um, you know, here, uh, to to, I don't know, have your questions answered and you just want maybe some more information. I hope that that is a good thing and that, you know, I give that to you over this next time, about 45 minutes or so. Um, but if you don't get your question answered, uh, via the conversation here, maybe something that we talk about sparks your interest piques your interest a little bit. Reach out. Because, as I always say, no matter who you are, where you come from, who you love, how you identify, or how much money you have. You deserve a retirement you can take pride in period, and that includes making the correct decision with your Social Security benefits. I would love to have a conversation with you about that. I would love to provide you with an RSA roadmap as part of an overall retirement plan because yeah, Social Security, super, super important. It's one piece of the puzzle. It's one slice of the pie. You know, you got to have the rest of the pie. And, uh, that would be, you know, your other retirement income sources. It would be retirement, um, investments and savings and things like that that you have for your life going forward because you're going to spend as long in retirement, potentially as you did working. And so you might as well have a good time and be able to enjoy it and do the things that you want to do.

Speaker1:
That is the goal. No matter who you are, where you come from, who you love, how you identify, how much money you have, any of the things. Get in touch with me to receive that free, no obligation consultation. It will include an RSA roadmap to maximize and optimize your Social Security decision. Take pride in retirement. Com is the website that's take pride in retirement. If you click on the Schedule a consultation button there that's on the homepage, you can actually schedule a meeting with me directly. It goes right in my calendar. You see my real time availability, and you can schedule a meeting there via zoom or at one of the offices in the metro Atlanta area, if that's where you happen to be. I would love to meet with you there. Either of those ways, you can also give me a call 855246 9211 (855) 246-9211. All right. A lot of great stuff to come up here on the show. As I mentioned, Martha Shedden is going to be my guest talking about Social Security, talking about issues related to it for LGBTQ plus folks specifically as well. First, though, as we do every week, we got to get a little inspiration for this conversation we're going to have. And we'll do that with our quote of the week.

Speaker2:
And now for some financial wisdom. It's time for the quote of the week.

Speaker1:
Well, this week's quote comes from somebody who knows a thing or two about money. He's generated quite the income for himself. That is Warren Buffett, the Oracle of Omaha. And Warren Buffett said this never depend on a single income. Make investment to create a second source. The biggest piece of that quote that I want to emphasize today never depend on a single income. There are too many people out there, I believe, who are depending solely on Social Security in retirement. And you want to create multiple streams of income. You may think that you have, um, you know, some a situation where, you know, in your life you are, um, not able to generate a second source of income. Maybe you don't have a pension from a job. Um, very few people do these days. So you're not alone in that. Maybe you, um, you have a 401 K or something, maybe an IRA, and that's kind of it. Well, take what you've saved in that IRA or that 401 K, whatever it might be. Tsp if you are a federal employee, um, you know, other, uh, 403 B if you happen to work for certain organizations, those types of things. Take that money that you've saved and invested over the years and turn that into income as well.

Speaker1:
Create that second income stream to replace your paycheck in retirement. Because, you know, retirement happens. You get this big lump sum of money that you've saved up, you know, and invested over the years. And, you know, your employer just says, okay, good luck. Do do what you can with this. Um, I want it to be not good luck. I want it to be, uh, good planning and great planning that leads to success in retirement and retirement that you can take pride in no matter who you are. That is the whole goal of the show. And actually, the goal of this conversation is to shed some light on Social Security. The decisions that you can, can make surrounding it, and how big a deal those decisions really are. So yeah, that's what the show is going to be about. And I hope that you get something out of this conversation. Well, I am very pleased to welcome to take Pride in Retirement, Martha Shedden, who is president and co-founder of Nar, which is the National Association of Registered Social Security Analysts, of which I am very proud to now be a part. Martha, thank you so much. I really do appreciate your time.

Speaker3:
Well, thank you for having me, Matt.

Speaker1:
It's great to have you and especially, you know, as we were talking just a moment before, before we started recording here is, you know, Social Security has been on my mind a lot recently because I have just become an SSA Not that long ago, a registered social security analyst. So it is definitely top of mind. And I know that for people of all shapes, sizes, all stripes, all backgrounds, everything. Um, who are getting close and closer and closer to, you know, being of Social Security age. It's on their minds as well. Um, I wanted to ask first. First off, throw you a curveball here at the beginning. Um, tell me just a little bit about the NASA, the National Association of Registered Social Security Analysts. Um, and you're obviously your president. You're obviously co-founder as well. Um, just give me a little bit of the backstory and the origins of the organization.

Speaker3:
Okay. Well, if you don't mind, I'll go all the way back. Um, so I was working as a civil engineer in 2011 when I was introduced to the topic of Social Security. I'm right in the middle of the baby boomer generation. I started learning about it and was completely astonished at what I do understand. How much money was at stake, how complicated it was. Which just made me more passionate about figuring it out. Um, so I eventually became a chartered retirement planning counselor, started my own business sharing in Social Security and retirement planning, just offering software analyses for clients on a fee basis because I didn't think someone necessarily not everyone has a financial planner. No financial planners, um, understand Social Security. So I was teaching online courses, and that's how I met my co-founder, Michael Rosedale, who's a CPA. Um, and he was getting questions from his clients about Social Security. So that's how we formed Narsa in 2017, and we launched the program in August of 2018.

Speaker1:
Well, and one of the things that I have to say that I was just very impressed by and very, um, was very glad to see, was that the the topic of same sex couples came up, um, in the curriculum as I was doing my, my studies. And it was it was not because, you know, most of the time when you have a conversation with folks about Social Security or you're listening to someone speak about Social Security, it's, oh, well, the husband this and the wife that, I get the acknowledgment there that not all families look exactly the same. I meant a lot to me. So so just so you know that. But it also, you know, can mean, um, that maybe someone like me who is now an SSA is, you know, even better prepared. I feel like to deal with all of the, the issues, um, for, you know, married couples, unmarried couples, uh, individuals, um, people dealing with disability benefits and how those then, you know, flip the switch from disability to retirement at a certain age. All of the different aspects. Um, it really means a lot. I feel like. And so, you know, LGBTQ plus people are affected by this. And I just wanted to say thank you for including that because it was it means a lot to me.

Speaker3:
Well, of course. And I was right in the middle in 2015 when, uh, um, same sex marriage was approved. That was a big, a big change. Um, and there are, uh, you know, I had gotten cases before that of individuals who wondered if domestic partnerships qualified and there is a state state's subject rule about that. Um, but yes, it's it's, um, it applies to everybody, and it is gender neutral.

Speaker1:
Yeah. And and it's, uh, and thankfully so, um, you know, because it really does impact, as you alluded to, um, you know, every pretty much everyone who is a US citizen, who qualifies, who meets the qualifications for their own, um, you know, receiving their own benefit. Um, those, you know, 40 quarters of, of of working in their working life. And, you know, but there are individual um, of course, everybody's situation is different. I mean, it's it's talk about that on the show all the time, but there are sort of, you know, individualized topics that kind of are specific to the LGBTQ plus community and different considerations that that need to be taken into account. And, you know, what are maybe some of those, especially when it when it comes down to things like survivor benefits, you know, especially maybe for couples who got married a little bit later in life due to, you know, previous legal restrictions and things like that.

Speaker3:
That's that's a really good question. And, and luckily now the spousal and survivor benefits, um, the rules apply to any couples, whether they're same sex or or or not. Um, and the survivor benefits are, in my mind, the one of the very biggest concerns about claiming correctly for couples, um, to take into account age differences, life expectancies, earnings histories, and therefore benefit amounts to maximize that survivor benefit and survivor benefits are available for married couples after being married for just nine months, which is great. So spousal benefits are available after one year. And, um, the same applies for ex spouse and ex survivor, which also applies to same sex couples.

Speaker1:
So it's it's the same across the board there. And I mean, you know, I mean for me you were you know, we were talking about when you first started hearing about learning about Social Security. You're surprised at how much you didn't know. I have to say, just even as you were, you were naming the different types of benefits there. And, and, uh, you know, who would be, uh, qualified for those? I'm like, oh, yeah. You know, a couple of months back, there were even some of these things that I didn't know. And I feel like, you know, the general public. Um, I think there's a big need for this type of conversation and this type of education in general. Um, because there are so many different rules and regulations and decision points. And what do you think maybe are some of the most confusing for people or maybe the most misunderstood aspects of Social Security?

Speaker3:
Well, I think spousal and survivor benefits are two of the most. Um, especially survivor benefits, those are the most under collective benefit, uh, for several reasons. First of all, of course we're dealing that with that. And in a time when we're we're mourning the person, um, the benefits need to be applied for in person or on the phone. They can't be applied for online, like all the other benefits. And, um, there's also a greater flexibility for, for claiming those survivor benefits. You can start when you're as young as 16 rather than 62. And you can the survivor can. If they're also entitled to their own retirement benefit, they can collect that and later switch to a survivor benefit if it gets higher or vice versa. So there's a lot of iterations there. Um, and the same same with spousal benefits. You want to maximize the higher earners benefit. The survivor will inherit the higher of the two benefits when the first spouse passes away. Way.

Speaker1:
Yeah. And I do think you're absolutely right that a lot of people are confused about that. You know, some people say, well, you know what? I thought I got to keep both checks when, you know, someone passed away when the spouse passed away. Now, wouldn't that be nice? But no, Uncle Sam's not quite that nice to you, but at least you get to keep the larger of of the two incomes. Um, what about for, um, the transgender individuals? I know that that, um, you know, obviously there's some of this might be up in the air right now based on recent, you know, political, uh, events and things. But as as things stand right now, are there any differences in how Social Security is handled for trans folks, especially, you know, if there's maybe a name or a gender marker change that's involved?

Speaker3:
Um, no. And I looked that up, Matt, because I was not completely, uh, familiar with that topic. Um, but Social Security benefits for transgender couples are equivalent to those for gender couples. Um, the Supreme Court decision in 2015 stated that um and um, there should be there should be no difference in now.

Speaker1:
Which is great to know to because that's, um, that's somewhere something that I think a lot of people may be concerned about. Um, and I know that I've had that expressed to me. Well, what if you know, this, this, that or the other situation hasn't happened in a name change or a gender marker change. But evidently there are, um, ways that that is taken into account when claiming for those, those benefits. Um, and it's, you know, speaking of that kind of aspect of things about about, um, you know, potential changes in policy, potential changes in, um, you know, things going forward for the LGBTQ plus community, people in general, the general population. Um, are there any of, you know, things coming down the pike that we should be looking for? I mean, you know, a lot of people say, for example, oh, um, Social Security is going to be broke in ten years. And so if I'm going to turn 62 and I'm first eligible, I got to claim it right now because it's not going to be there otherwise. Um, which is a big myth. But, um, you know, there are there are just a lot of things, I think, that are, of course, misunderstandings. People misconstrue, you know, Social Security, quote unquote, running out of money, for example. Um, but any other changes that we sort of know about or, or might be looking for on the horizon?

Speaker3:
Well, that's an all inclusive question. And it is.

Speaker1:
It's.

Speaker4:
It's like it's like, how long.

Speaker1:
Do we have, you know.

Speaker3:
Yeah. I could talk for hours. Um, it It is a myth. And there's mis information about the the trust funds. The trust funds have a reserve. Now, that reserve amount is helping to pay the 100%, in addition to the people that are working and paying into the trust funds. That reserve is what will run out. And the trust fund for 2025 just came out yesterday, and it is still anticipated that in 2033, they will no longer. If nothing is done, they would no longer be able to pay 100% of the benefits. It's estimated that for Social Security and Survivor retirement and survivor, 77% could be paid. Um, there's a disability fund and that's a different few numbers. And they're talking about combining those funds. Um, so but making a a claiming decision that that should be apparent, but it's not. If there were to be a 20 or 23% cut in nine years, would you rather not have that cut made on a larger benefit than a smaller benefit? The problem is that Social Security is just an emotional topic. Anything to do with retirement financial planning is. And even just this year, because of the confusion, layoffs, a policy changes, staffing that has caused such angst in the population that there's been a huge increase in people claiming earlier. And that is not the best course. If you wait, it goes up almost 8% per year or 8% or more a year, not more, but at least 8%.

Speaker3:
Um, so, um, it's it's a really confusing topic and people don't know who to turn to for help. That's one of the reasons we, um, we want people to know about us because we require our, you know, we have that our course that we have people take, but then we also have the software that helps analyze all these different options. Um, there's also a wonderful report that came out in January and that looked at the policy changes and the packages that Americans would accept. And what changes to the program are they most in favor of? To put together a package that deals with more revenue? And, um, has the longevity of the program lasting for, you know, the 75 year period. And it's interesting. There's across the board, there's so much common ground between all demographics, all ages, races, uh, you know, political parties. And one of the biggest ones with the maximum taxable earnings, uh, should be increased. And, um, that would provide a lot more additional income. And I think the second I can't remember what the second one was, but, um, there are so many factors to the program that could be tweaked in little ways to extend the program for another 90 years.

Speaker1:
Which is is crazy to, to, you know, say, in such a, a program that's so large and there are so many different aspects to it, just, you know, making some, some seemingly small changes could really shore it up for a long, long time. And, um, you know, when, uh, when FDR signs, uh, the, the law establishing Social Security. Um, you know, it was a pay as you go system. That's what it would have to go back to if the reserves in the trust funds were to run out. And that's why the benefits would have to be cut. There wouldn't be any of those reserves to be able to make up the difference between what people are paying currently paying in and what people would, would then at the time be claiming. And so, yeah, it's um, you know, something needs to be done on that score, and I believe it will be what it is that's done, you know, remains to be seen is is anybody's guess really at this point.

Speaker3:
It is. And I did just remember the second one that it is, um, how many people would accept an increase in that payroll tax contribution that we're all making? It's been 6.2% into Social Security for about 40 years now. That hasn't increased at all. Um, and so Raising that. Like you said, just a fraction of a percent over a number of years could greatly increase the income. Um, there's a shortage of workers, 2 to 3 per retiree. When the program started, it was, you know, up and through the 50s and 60s, it was more like ten workers per retiree. So that's and then we're living longer, too. There's a lot of factors. Um, but there are a lot of pieces to the program that can be tweaked in small ways to be very, very significant.

Speaker1:
Yeah. And and I mean, what people really need to, to keep in mind, I think from this part of the conversation is, yes, Social Security, you know, unless the world blows up, Social Security will be there. Um, it's in in what exact form? You know, we don't exactly know because there will have to be tweaks to to shore it up, at least. Um, but but we'll, um, go, you know, keep calm and carry on as the, as they said.

Speaker3:
And they did this back in 1983. That's when the last major changes were made. It was a whole package of things, and I see that happening. It needs to be bipartisan, and evidently we need to be right on the edge of that happening to make anything move forward.

Speaker1:
If there's anything that they're good at in in DC, it seems like kicking the can down the road. Yes, they're very good at that.

Speaker4:
Um, yes.

Speaker1:
Well, we'll we'll of course hope, uh, that, that they will come to some sort of agreement and hopefully sooner than later. But, uh, we shall see. Um, and, you know, I mean it Social Security, we've been as we've been talking about it here, it's it's a huge part of, you know, Americans retirement. I feel like, um, there are there are a lot of people who rely on it as their primary source of income and, uh, a lot who, you know, rely on it as their sole source of income in their retirement years. Um, so making the right decision, uh, you know, can make a huge difference. You know, you talked about that 8% increase in your benefit amount. If you wait past your full retirement age. So for example, if you are your full retirement age is 67, which anybody born after 1960, that's your full retirement age is 67. If you wait until all the way out until age 70, well, you can get, you know, 124% of what your full benefit amount would have been at age 67. So that's a big, big difference there. Is there a scenario or to where it would make sense for people? And I know that there are millions of possibilities here, but it just kind of in general. Are there scenarios that it makes sense for people to to claim that benefit early rather than wait until, you know, past age 67 or whatever their full retirement age may be?

Speaker3:
There definitely is. There definitely is. And some of that has to do with what I mentioned previously about a large age differences and benefit amounts for a couple. Um, often it is. It is a good idea for the family, for the couple, for maybe the lower, uh. Wage earner to start claiming 62 up to full retirement age somewhere in those younger years. But for the, uh, older and higher wage earner, if that coincides to to delay claiming until age 70, because that's providing that couple with the largest amount. And many, many people like you mentioned, their Social Security, uh, provides the majority of retirement income for many, many, many people. It's not the only income that they have. And they when they cannot work any longer, they need to collect. I mean, that's how it was in the 30s when the program started. There was no need for Social Security planning because as soon as people quit working, they started collecting. But we're living longer now. Um, we're, um, healthier. There's. And so there is that ability. And there have been such a decline in defined benefit pension plans.

Speaker3:
All of that combines to make claiming Social Security critical within the context of any other financial assets that they have. Um, and one of the one of the issues you mentioned a little bit back, mad about what? Looking forward, and I'm sure you've heard about, um, the administration's suggestion that we should do away with taxation on Social Security income. That's another pretty misunderstood topic. Um, taxation or Social Security income? Another, you know, really complicated process. But know that if the majority of your retirement income is from Social Security, it will not be taxed when you are in retirement. The the more other income you have, your adjusted gross income. Um, the higher the percentage that that some of it will be taxed, but only up to 85% is ever taxed. So it's given a tax preference, as you know. And um, also the money that is collected goes into the trust funds. It doesn't go into the federal general fund. It doesn't just go to the IRS and off it goes. It is helping to fund Social Security benefits.

Speaker1:
Yeah. So it gets basically it gets cycled right back into the system to then pay yourself or other, you know, retirees who are also claiming their benefits at at the same time.

Speaker3:
Right.

Speaker1:
Yeah. Well, and, you know, we've been talking a lot of course, about and I know most of the conversations, um, surrounding Social Security have to do as I say with married couples. Um, what about, you know, single individuals? I ran an RSA roadmap, and we'll talk more about the roadmap and what it is, um, momentarily. But, um, I ran a roadmap for a client of mine who is single and first time since I had, uh, become an RSA that I ran one for someone who was not a married couple, which goes to show you why most of the conversations are about married couples. Because most people that, you know, inquire about these things are married couples because they more decision points and all of that. But, um, are there anything are there any things I should say that you would say to people that they should consider if they're a single person, a single retiree, versus those in couples when strategizing about that claiming age and, and, um, you know, maybe, um, trying to coordinate benefits, let's say if they're in a partnership situation, um, and, you know, so they're, they live together, they share their life, but they're not married. They just they don't have that piece of paper. Um, what would you say to them about coordinating benefits in that particular scenario?

Speaker3:
I think that's a very valid thing to do that that makes a lot of sense. Um, and it would be the same as if, if you were married to claim that way as a couple. Um, as long as both individuals were going in with eyes wide open that this was their benefit, and that's the other person's benefit. But, um, yeah, that's.

Speaker4:
A.

Speaker3:
There's there's still, um, different facets that single individuals need to Consider that one of the major ones is their life expectancy. But like we do look, when we run the roadmap, we do look at a life expectancy. We we encourage everyone to plan for their maximum life expectancy because they might, um, they might not die on time earlier and therefore they're going to run out of money later on. So that longevity risk, it really is an insurance program. It's the Federal Insurance Contributions Act FICA. Um, so treat it like an insurance, uh, program and and plan for that as, as best you can because you're going to get it for the rest of your life with the cost of living adjustment. Um, but just like couples, there are individuals who, um, need to claim early. Um, there's one gotcha there that if someone claims at 62 until their full retirement age, if they're collecting benefits and they're still working. That can cause a real mess with the earnings test and lead to overpayments. So that's a cautionary tale for anyone single or couples. Um, and then there are singles who are divorced or widowed. So those are all different scenarios than just a single individual who's never been married or divorced.

Speaker1:
Yeah. And then if, of course, if you were divorced or widowed, you could be, you know, well, divorced, I should say, could be eligible for the ex spousal benefit as well. As long as you were married for a certain number of years, that, that kind of thing. But you, um, it's just all things to take into consideration. And it because of that, um, because of all of the different, you know, sort of varied aspects of this program, because of all of the different scenarios. That's why I feel like it's so important for people to seek out advice and get Personalized, personalized guidance for them, a personalized analysis based on their situation. Because you know. Call out the Social Security Administration, but they are not going to be able to give you any advice on when would be best for you to file. They can tell you, oh, here's an estimate of what you what your benefit would be if you retired at a certain age. But they can't tell you, you know, when they can't give you an analysis. But the RSA roadmap, which of course, I can now provide, thankfully to to listeners to the show and to to clients as well. Um, and if you'd like one, by the way, folks just go to take pride in retirement. Com reach out to me. I would love to give you this in-depth report because it really is in depth and it's very eye opening for a lot of people who who first click on that file and open it up. Um, talk about that if you will, just a little bit what the RSA roadmap is and the information that, that it contains for people.

Speaker3:
Yeah, it's it's um, we are Always tweaking it to make it better. Um, we're working on the user interface now to make it as simple as possible, but it really is quite simple. And we need, uh, your age, birthday, uh, earnings history, which we help you download right from your social security account at SSA gov. And, uh, the software and then if you've been married or divorced, widowed, all that information is collected for both spouses, um, and the earnings histories for both of them. And then the software is very, very powerful. It runs through all the potential claiming strategies. And for the most complicated claiming strategies, there can be hundreds of thousands of scenarios. And unfortunately, because if there's minor children and a big age difference and all that, but we we show that then in a heat map, um, not only the maximum lifetime amount, but especially important, the annual and monthly amounts that people will receive, because those are in today's dollars, and those are what people are going to be budgeting on and want to know. And the lifetime amount is is an economic projection.

Speaker3:
You know, it's the net present value of those future dollars. So it's a different, uh, it's a, it's not apples to apples with monthly and annual, but um, yeah. And then the heat map is so visual and so easy to see. And we don't we don't tell people when to collect. We want to show them all their options so they make the optimal claiming decision. As, as you know, Matt, it's it's so individual. And I would say many times they do not pick the the lifetime maximum. And often that's not even the highest annual or monthly amount. So, um, it's very precise. And and then the report that's created includes graphs and charts that your RSA can help you decipher and understand. Um, we try to make it as user friendly as possible. And, uh, we feel like that education behind the software is what makes it unique, because our surveys are trained to understand those. They'll see something on the chart or the or the heat map. That'll look odd, but they understand why it's that way because of special circumstance for that case.

Speaker1:
Yeah. And that, you know, it's so important because not every case is the same. Obviously everybody has, you know, different situations and circumstances and, and, you know, different perhaps work histories and, and all of the things that can, can make a real difference. And that's why another one of the things that I really appreciated in the program, as I was studying to become an RSA, was the fact that it is not a sole focus on just the maximization of your Social Security benefits. It is optimization. It is making the best and the optimal decision for you under your individual circumstances. Because if it was about maximization, you know, then everybody just, you know, delay until age 70 and you get your maximum benefit. And that's kind of it, you know, but there's so many other things to be taken into account. And that's another thing that I really appreciate about the RSA process and the roadmap, because, you know, we map out several different potential scenarios, as you were saying.

Speaker4:
Yeah.

Speaker3:
Yes. And that's that's it too. I mean, once you've run the calculation and you're setting up the report you have, you can set it up for what they now know would be the maximum lifetime, but you can also set it up for, say, if it's a couple one claims at 62. One at four. Retirement age one at 71. I mean, any scenario that you want to look at. And a lot of times it is a back and forth with the RSA. Um, but that live support we, we think of our software as a TurboTax live of Social Security because it comes with that live support. And that that's just critical. People have questions and they you've probably experienced this, Matt I don't know. It's just so rewarding to me. It has been from the beginning, the enormous weight that is lifted off their shoulders. When they figure this out. It's like, okay, now I know what to do. I know why I'm doing it. I know what I'm hearing is either right or wrong from other people. And now I can plan around that for all my other Retirement finances. And it also allows, as you know, for us to start working with people in their 50s very early because it's a you're projecting annual income. It's not necessarily making the same amount you made last year for the rest of your life. Until you start claiming we can put in, you know, future earnings and help people plan way in advance. Um, and that's critical because it gets them thinking about all their other retirement financial planning, which they should be doing.

Speaker1:
Right. It's it's one piece of the larger puzzle. Um, and that that really is key because I feel like, you know, we've been as we've been talking about Social Security, it is so important, it's so crucial for people to make that right decision. But it's also important to to keep in mind it shouldn't be the only source of funds in your retirement years. Ideally It either. You know, it's the thing that covers those, those monthly expenses. And then everything else is, you know, your cherry on top or vice versa. You know, you've got to it's got to be right for you. It's got to be it's got to make sense in your particular circumstances. And again, personalized advice there is there is no substitute for it. Um, you know, just the sort of general information you can get from the Social Security Administration may be helpful if you just have generalized questions like that. But when someone's able to actually take a deep dive into your situation and show you how it all fits together, that is the difference maker that is.

Speaker3:
And I before I forget to Matt, I want to you know, it really is a family benefit. Um, it is it includes disability and it includes survivor and young child benefits. I think that the statistics are that one out of every 25 people, about 5% become disabled prior to retirement age. Um, there's, you know, we work with young widows, widowers with young children. So it's not just a retirement program. It's really, um, covering a lot more than that, as well as health insurance, the Medicare.

Speaker1:
Yeah. And and they're all important decisions to be made. And so, you know, work with a professional to make these decisions, um, and, and do it in tandem and just get all the information that you possibly can. I think that's just crucial. Um. Well, Martha, just about time for us to start wrapping up here. But, um, one last question that I had, um, if there was maybe just just one piece of Social Security advice that you could give to our listeners, um, to anybody who's approaching retirement or even, you know, slightly before, you know, we talked about working with people in their 50s or even, you know, even potentially before that if it could be helpful for them. Um, what would that just one piece, maybe one nugget of information be?

Speaker3:
Well, well, my first instinct is to go to the messaging about Social Security. We we all think of that as a, as you're working and you maybe you're in your 30s or 40s 50s and you're paying that payroll tax. Well, that's really, um, a retirement contribution to a future, uh, to a future benefit that you're going to receive. And your employer is matching that. It's very much like a retirement plan. It's a nationwide huge insurance annuity. What however you want to think about it, very rare these days. We've earned these these benefits and the the program has worked for 90 years. It's helping lift people out of poverty. Um, tremendously. And so I would encourage everyone to rethink of this program as, um, another. It's it's a, it's another piece of your financial retirement. It is not, um, a little thing. It is a big thing. And to understand that when you're paying those that those payroll taxes in, you're really just being forced to save for this wonderful retirement and disability and Medicare that you're going to receive later on. Yeah, it's hard to look down the road that far, but I wish people could understand that.

Speaker1:
Yeah, that's very true. Just sort of changing that frame of mind, um, is I think can have a significant impact on just the way that people view the system in general. And, you know, it could potentially lead to people as that mindset changes, taking a step back and making a, you know, a decision that makes more sense for them when the time comes that they need to to make that decision because they've, you know, they're looking at it just a bit differently is something that they have paid into that it's their retirement. Um, yeah. I think that really is just hits that hits the nail on the head there. Um, well, Martha, anything else that you wanted to share that we haven't touched on before we run?

Speaker3:
Uh, no. You can tell. I could talk about this for hours. So unless you ask me another question, I will. I won't start again.

Speaker1:
There we go. I love it, I love it. Well, I appreciate it. All the information has been wonderful. And and, uh, you know, hopefully we'll we'll talk again on the show and bring up even more things and, and talk again for another. You know, half hour or so.

Speaker4:
I'll be wondering.

Speaker1:
And I would love I would love that as well. Um, Martha Shedden, president and co-founder of the National Association of Registered Social Security Analysts. Martha, thank you so much. I really appreciate your time.

Speaker3:
Oh, thank you so much, Matt. It's been my pleasure.

Speaker1:
I cannot say how grateful I am to Martha Shedden for being my guest on the show this time around. Wonderful conversation there. I'm so glad that, you know, we got to talk about so many LGBTQ plus specific issues, as well as general issues with Social Security and planning and the decision making process, all the different scenarios. I'm going to emphasize again, if you are someone who may be approaching retirement age or like she talked about there, if you are in your 50s, if you were even before that and you want to just know you want to get an idea in your head, wrap your mind, change your way of thinking about Social Security as as Martha was was alluding to there. Change your frame of mind around it and get a plan in place that reflects what Social Security can mean for you and how it fits into the larger puzzle. I want you to go to the website. Take pride in retirement. Take pride in retirement. Com is the website once again. You can also give me a call 855246 9211 (855) 246-9211. Is that number. And look I would encourage you to reach out for a free consultation. It's a deep dive into your financial situation. And I don't care how much money you got, if you got $5 in the bank or if you got 5 million, I will work with you regardless. Any any of those numbers and anywhere in between. I want you to have a retirement. You can take pride in. A big part of that is making the correct Social Security decision for you. Then, you know, we talk about other income streams. We talk about your other investments, about growing those investments and then flipping the switch when you get to retirement, going from the accumulation phase to the de cumulation phase, to getting that income that you're going to need to make ends meet and do what you want to do in retirement.

Speaker1:
That's what it's all about, isn't it? Having that retirement that you can take pride in. Well, that is going to do it for this edition of the show. Thank you so much again for joining me. I really do appreciate it. If you're watching on YouTube, like and subscribe, please click the notification bell as well. Or really, really appreciate that the numbers are picking up on the old YouTubes. And so I really appreciate you being one of the viewers. And if you're listening to the podcast, thank you. Leave us a great rating and a comment on whatever podcast platform you are a part of. And yeah, I would just love to see this episode and all episodes go viral, uh, for for all the right reasons and, uh, help be a part of it. Help spread the good word about how, uh, you know, you deserve a retirement, that you can be proud of, that you can take pride in, no matter who you are, where you come from, who you love, how you identify, or how much money you have. Well, that's going to do it for this edition of the show. As I said, thank you so much for joining me. I really do appreciate it. And until next time, take pride in yourselves and take care of each other. We'll see you then. Thanks for listening to Take Pride in Retirement. Members of the LGBTQ plus community.

Speaker5:
Deserve to work with a fiduciary financial advisor who puts their needs first. To schedule a free, no obligation consultation with Matt McClure and the team at Active Wealth Management, call (855) 246-9211 or go online to take pride in retirement investment advisory services offered through Brookstone Capital Management LLC. Bcm, a registered investment Advisor, BCM and Active Wealth Management Incorporated are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Matt McClure, an active wealth management, are not affiliated with or endorsed by the Social Security Administration or any other government agency.

Speaker1:
Hey, it's Matt McClure with Active Wealth Management and hosts of Take Pride in Retirement. When it comes to your family's financial future. Peace of mind is everything, and Nationwide's Pick ten fixed indexed annuity can help with a nationwide peak. Ten you'll benefit from joint income options to help provide lifetime income for both you and your spouse. A death benefit to provide more security for your loved ones, and protection for your principal so your initial investment is safe for market downturns. Plus, you can receive an immediate 20% bonus added to the income benefit base when you choose the Lifetime Bonus Income plus rider for an additional cost. Call me now 85524692 11 or go to take pride in retirement. Com to connect and learn how peak ten can help protect the ones you love. Let's take pride in retirement.

Speaker5:
Investment advisory services offered through Brookstone Capital Management LLC, BCM, a registered investment advisor. Guarantees and protections referenced are subject to the claims paying ability of Nationwide Life and Annuity insurance Company. Nationwide peak ten is issued by Nationwide Life and Annuity Insurance Company, Columbus, Ohio. Neither nationwide nor its other entities are associated or affiliated with Active Wealth Management.

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