NEW HAVEN, Conn. (WTNH) — We’re educating you about smart ways to manage your money.
Joining us is Eric Hogarth, Certified Financial Planner and Johnson Brunetti Partner to discuss recession affecting your social security.
A recession can have a financial impact on social security. In the Great Recession of 2007 – 2009, the number of men taking social security early increased as unemployment increased.
Hogarth shares three helpful tips:
- During recessions people tend to claim Social Security earlier
- High unemployment reduces payroll tax revenue
- If people claim social security early, it could have a lasting financial impact for life
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Johnson Brunetti’s goal is to take the fear out of your financial future and give you confidence in what lies ahead.