ChooseFI 497 | Your Social Security Questions Answered | Mike Piper
27 snips
Jun 24, 2024 
Expert Mike Piper discusses Social Security benefits, including full retirement age, spousal benefits, survivor benefits, and filing for benefits. He provides insights on maximizing benefits through strategies like creating a 'Social Security bridge' and adjusting discount rates. The podcast covers key topics to help listeners navigate the complexities of the system and confidently prepare for retirement.
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Understanding Full Retirement Age
Full retirement age serves as a benchmark for calculating social security benefits. For those born in 1960 or later, it is set at 67 years old.
Calculating Retirement Benefits
Aim to have 35 years of earnings for maximum social security benefits. If you have fewer than 35 years, your benefit will be reduced based on the number of years you have.
Earnings and Social Security Calculation
Social Security replaces a lower percentage of income for higher earners. Those with lower earnings receive a higher percentage replacement rate.