Social Security Explained

Aug 2020

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Today, Rick Bloom is joined by Scott Whyte of the Bloom Asset Management Team.  Scott walks us through all of the ins and outs of social security, explaining:

  • The differences between collecting social security at 62, your retirement age, and 70.
  • How your retirement age will differ based on the year you were born.
  • Losing social security money when still working (in some cases)
  • Cost of living increases
  • Spousal benefit when a husband or wife passes
  • The unlikely theory that social security could go bankrupt -and what’s being done to prevent that

As always, Rick answers listener questions.  Today he tackles the idea of using cash on hand to pay off a mortgage, and whether it’s OK to leave more of your estate to some of your kids, and less to others.

As always, if you have a question for Rick, you can email him at:

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