Changing Rules: Baby boomers are navigating new Social Security rules that can impact their benefits and retirement plans.
Claiming Age Debate: The decision of when to start claiming benefits—at 62, 66, or 70—has become more complex.
Longer Life Expectancy: With people living longer, boomers must consider how to maximize Social Security over an extended retirement.
Reduced Benefits: Some may face reduced benefits due to underfunding or changes in the system that affect payouts.
Delayed Retirement Impact: Delaying Social Security can increase monthly benefits, but not everyone can afford to wait.
Work and Benefits: The decision to work while receiving benefits can affect the amount retirees receive.
Tax Implications: Understanding how Social Security benefits are taxed is crucial for retirement planning.
Future Uncertainty: The future of Social Security is uncertain, leading many boomers to rethink their strategies.