In this NGPF Podcast episode, Tim Ranzetta chats with financial educator Lucretia Ryan, founder of FinancialFreedomforWomen.org, as she explains the most confusing parts of Social Security. Here are ten essential questions she answered during the conversation, along with excepts of her responses.

1. Will Social Security go broke?
"I think it would be political suicide for any politician to let Social Security go broke… I think that there's no way it will go broke."

2. Why do so many people claim Social Security at the wrong age?
"They analyzed about 2,000 people, and they found that only 4% claim at the most financially optimal age… A lot of people this year are claiming early because they're afraid of Social Security going broke."

3. How does Social Security actually work and how are benefits calculated?
"You kick in 6.2%, and your employer kicks in another 6.2%.… it's based on your highest 35 years of earnings."

4. Why do some people claim Social Security early, even though it lowers their lifetime benefit?

These are some of the reasons people will say: they need the income now… health concerns… lifestyle goals… think they can invest it better… [they're] worried that Social Security will run out."

5. What is the case for delaying Social Security until age 70?

"You can get up to 30% more if you wait until age 67… From 67 to 70 adds an additional 8% each year for life."

6. What is the Windfall Elimination Provision (WEP) and why was it unfair to teachers?

What was on the books was called the Windfall Elimination Provision… that $1,500 was reduced to $500."

7. What changed with the Social Security Fairness Act (2025)?
"In January 5th, 2025, the Social Security Fairness Act was passed… what that did was it just made it fair to teachers who didn't pay in. They didn't get anything more; they just got what they deserved."

8. Can I get Social Security through my spouse? (Spousal benefits)

"Yes… You must be married at least 1 year… and you can receive up to 50% of your spouse's full retirement benefit."

9. If I'm divorced, can I still claim benefits based on my ex-spouse’s Social Security?

You may still qualify… If you were married at least 10 years, currently unmarried, and your ex is at least 62… you will get 50%."

10. Do I get more Social Security if my spouse dies? (Survivor benefits)

Maybe. Survivor benefit allows you to switch to your deceased spouse's Social Security if it's higher than yours."

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Hannah Rael

As NGPF's Marketing Communications Manager, Hannah (she/her) helps spread the word about NGPF's mission to improve the financial lives of the next generation of Americans.

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