Money Guy Show When to Start Drawing from Social Security
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Dec 9, 2024 This engaging discussion tackles when to draw Social Security, especially for couples with differing earnings. Listeners learn strategies for optimizing withdrawals based on personal circumstances, alongside humorous anecdotes about life's changes. The conversation also dives into the nuances of retirement accounts like 457 plans, highlighting their unique benefits. Finally, it emphasizes the importance of considering tax implications when planning withdrawals, ensuring a well-rounded approach to financial security.
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SIPC Insurance
- Research your brokerage's excess SIPC insurance policies for amounts over $500,000.
- This protects your investments if the firm goes insolvent.
457 Plans
- Consider using a 457 plan as a supplement, not replacement, for a brokerage account.
- Plan your cash flow to determine the best way to use both.
Roth 457 Plans
- Understand the specific rules of your Roth 457 plan, especially regarding early withdrawals.
- Not all 457 plans are created equal, so read the plan description carefully.