The million-dollar question for people planning their retirement is, “When Should I Take Social Security?”
Your decision when to take Social Security Income (which we refer to in this article as SSI) can mean a difference of hundreds of thousands of dollars, so it is important to consider the tradeoffs.
Today, you will learn the impact of when you take it and how to make better retirement decisions so you can worry less and enjoy life more.
Wealth Inside and Out® Podcast: “When Should I Take Social Security?”
In this episode, you will learn:
>> (3:59) The million-dollar question: When should I take Social Security?
>> (4:32) At what age you can begin taking Social Security
>> (4:47) The amount your benefit is reduced if you take it early and how much you will earn on your money if you wait.
>> (5:21) When you shouldn’t wait to take your benefit
>> (7:20) Can you take social security if your spouse disagrees?
>> (7:28) Why you may want to take your benefit early
>> (8:21) The real-world example: How one client created a plan to receive $500,000 more money in retirement
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>> (9:20) What happens when the first spouse dies
>> (10:51) When you can access Medicare
>> (13:30) Variables in your retirement decisions
>> (14:52) Options to generate income in retirement
>> (16:20) How to reduce the fear associated with retiring
>> (16:40) The impact of working one more year (It’s amazing!)
>> (18:00) My favorite income stream
>> (20:52) What you must understand about risk and the stock market
>> (21:27) The #1 question you should ask before you retire
>> (24:11) What to do if you worry about your finances
>> (24:29) What happens if your spouse dies or you get divorced
Conclusion – When Should I Take Social Security?
Today, we dive into various aspects of creating a successful retirement plan, including when to take your Social Security benefit.
You will learn what to do if you worry about running out of money, what happens when the first spouse dies, the risk and return relationship, and much more.
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To your financially secure life,
Annette
