Everyone wants to know how to maximize their Social Security benefits. It’s a question that comes up nearly every time we meet with someone. While the simple answer is to wait as long as possible to get the largest monthly benefit, the strategy that you should choose needs to take your entire financial picture into account.
In this episode, we’re going to share a Social Security case study where a couple we worked with wanted to retire at 63 and 62 but originally planned to claim Social Security at full retirement age of 67. We’re going to break down the details of their financial situation and explain why the math eventually told them to take their benefits as soon as they retire.
If you’re approaching retirement and have been thinking about the best way to maximize your Social Security benefits and put the best income plan in place, this is a conversation that will help you better understand how strategic planning can fill income gaps and maximize your retirement benefits. The episode also covers recent changes in the Social Security Fairness Act and what it means for benefits in the future.
Here’s what we discuss in this episode:
0:00 – Intro
2:47 – Case study details
6:14 – Taking Social Security immediately
12:20 – Social Security Fairness Act
16:08 – Final takeaway
Looking Back From The Mountaintop
