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How can business help solve society’s biggest challenges? Welcome to Take on Tomorrow, the award-winning podcast from PwC that examines the biggest problems facing society and the role business can—and should—play in solving them. Hosts Femi Oke and Lizzie O’Leary talk to industry innovators, tech trailblazers and visionary leaders from around the globe about timely topics: from the climate transition to AI and data; and from the future of food to how we build, move and power the world.
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Social Security faces potential trust fund depletion by 2034, but ongoing payroll taxes will still cover about 81% of promised benefits even if Congress doesn't act. Mike Skrynecki shares insights on optimizing claiming strategies, understanding benefit calculations, and navigating potential future changes to maximize your retirement income.
• Most Americans rely heavily on Social Security, with 69% expecting it to be a significant retirement income source
• The Social Security system consists of retirement, survivor, and disability benefits funded primarily through payroll taxes
• Recent tax changes in the "One Big Beautiful Bill" may actually accelerate trust fund depletion from 2034 to 2032-2033
• Claiming benefits early (age 62) results in a permanent 30% reduction compared to full retirement age (67)
• Delaying benefits until age 70 increases your monthly payment by 8% per year beyond full retirement age
• Only about 4% of Americans optimize their Social Security claiming strategy, leaving $3.4 trillion in potential benefits unclaimed
• For married couples, having the higher earner delay benefits can maximize survivor benefits
• Up to 85% of Social Security benefits may be taxable depending on your income level
• Working while collecting Social Security before full retirement age can result in benefit reductions
• Potential solutions to funding gaps include raising the payroll tax cap, increasing retirement age, or modifying cost-of-living adjustments
To learn more about Medicare enrollment or Social Security optimization strategies, register for Mike Skrynecki's upcoming webinar on September 15th at 4:00 PM or visit skryneckifpg.com.
Chapters
1. Introduction to Social Security (00:00:00)
2. The Trust Fund Problem (00:10:13)
3. Big Beautiful Bill Impact (00:17:33)
4. Potential Solutions for Social Security (00:25:09)
5. When to Claim Benefits (00:32:48)
6. Tax Implications and Key Questions (00:40:10)
7. Resources and Final Thoughts (00:45:45)
126 episodes
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