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Catching Up to FI
Social Security Made Simple | Mike Piper | 054
Jan 7, 2024
Mike Piper, a CPA and author of "Social Security Made Simple," joins Bill and Becky to demystify Social Security benefits. They explore optimal claiming strategies, highlighting the advantages of delaying benefits to boost household income. Mike discusses the importance of spousal benefits and tax implications, often overlooked yet critical for planning. He provides insights into survivor benefits, financial planning for differing earning histories, and strategies for maximizing retirement income through effective timing and understanding of eligibility.
01:28:15
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Quick takeaways
- Delaying Social Security benefits can significantly increase lifetime household income, particularly for the higher-earning spouse, ensuring financial stability for both partners.
- Understanding spousal and survivor benefits is crucial for married couples, as these benefits can provide critical financial security during retirement planning.
Deep dives
The Importance of Timing in Social Security Benefits
Deciding when to file for Social Security is crucial, particularly for married couples. It is generally advantageous for the higher earner to delay benefits until age 70, as this can significantly increase the household income for as long as either spouse is alive. For lower earners, the impact of waiting is less beneficial since it only increases income while both spouses are alive. Factors such as health, anticipated longevity, and lifestyle choices should be considered to determine the best timing for claiming Social Security benefits.
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