FSP Milwaukee Chapter Membership Meeting November 13, 2018 – Event Recap

 

Today, Ruthann Driscoll, JD, CLU, CFP® from the Driscoll Law Group spoke to the FSP members and guests in attendance on “Why You Should Care about Social Security Benefits. ” After discussing a brief overview of the rules for Social Security, she described retirees’ three choices in accessing benefits:  1) Early Retirement at age 62 2) Full retirement age or 3) Delaying to age 70.  Ruthann detailed  how the Social Security Trust Fund has been nearly exhausted twice before. In 1977  the Carter Administration changed the benefit structure and increased with holdings to meet the need. In 1983, the Reagan Administration changed the definition of full retirement age from age 65 to the current staggered ages. Current forecasts for the Social Security Trust Fund suggest the reserve will be depleted in 2034, which if unchanged will decrease benefits to approximately 73% of current levels.  Several case examples were included in her presentation such as a Restricted Application, Divorced and Survivor Benefits and Child Benefits.  Additional considerations: 1) discussion of all potential benefits 2)  potential impact on Medicare premiums 3) taxation of benefits

Here are a few photos from this breakfast event:

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