INVEST IN WOMEN | WOMEN IN PLANNING
Insecurity About Social Security Rising
If advisors don’ t know the benefit details and differences, how will clients? By Jennifer Lea Reed
IF FORMER JOURNALIST MARY BETH FRANKLIN, AN EXpert on Social Security and retirement income, is sure of anything in Washington, D. C., it’ s that congressional leadership on both sides of the aisle is loath to deliver bad news to the American people. That includes the news that, at some point in the next eight years, lawmakers will have to address a Social Security funding shortfall.
“ Our Congress really doesn’ t like to go to its voters and say,‘ Hey, I’ m going to raise your tax rate, cut your benefits … vote for me.’ They don’ t like that conversation, so they say nothing,” said Franklin in late April during a keynote speech at Financial Advisor’ s Invest in Women conference in Boston.
“ But the American people are not stupid. They know how important this benefit is, and that we have to pay for it,” she said.“ And poll after poll, regardless of age or party affiliation, finds people are willing to support Social Security, even if it means higher taxes.”
In the meantime, there are actions advisors can take right now in 2025 to ensure their clients are getting the maximum benefit possible— especially female clients. More than half of the Social Security beneficiaries over 62 are women, as are twothirds of those over 85, Franklin said.
The first step is to instill some confidence in clients that the program is working. Social Security will be 90 years old this August, and it has never missed sending checks since the first one went out in 1940.
“ We have a self-inflicted customer service crisis, thanks to the budget-cutter-in-chief, Elon Musk, and his little team of Muskrats. They have created such fear and confusion, and in my opinion, chaos, and undermined the public faith in this critical social security system,” Franklin said.“ Your role as advisors to your frightened clients is that you need to be the voice of reason. You need to be able to say to them:‘ Here are the headlines. It’ s a lot of noise. Let’ s look at your personal situation, and what’ s the best decision for you.’”
Advisors and clients alike should handle Social Security matters online when they can, she said. They’ ll avoid human error this way and, when they follow the prompts, dealing with the sys-
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