Retirement Planning Education, with Andy Panko #180 - Q&A edition...Social Security spousal and survivor benefits, finding an advisor who doesn't require investment management, how a decedent's income is taxed and MORE!
Nov 27, 2025
Listeners dive into essential financial topics like how starting Social Security early can benefit dependent children. The impact of claiming spousal benefits is discussed, especially when early claims reduce future payouts. Insights on timing survivor benefits reveal strategic options for maximizing payments. Andy also sheds light on IRA distribution choices and the tax implications of a decedent's income. Plus, find out how to locate financial advisors who offer guidance without the need for investment management!
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Weigh Early Social Security For Child Benefits
- If you consider starting Social Security at 62 to give your minor children dependent benefits, evaluate the earnings test impact if you plan to keep working.
- Remember child benefits likely remain payable even if your own benefit is reduced by the earnings test, but confirm with a professional.
Early Claim Reduces Later Spousal Benefit
- If you claim your own reduced benefit early and later switch to a spousal benefit, the early-claim reduction carries over to the spousal amount.
- Use a spousal-benefit calculator (e.g., Devin Carroll's) to quantify the dollar reduction before deciding.
Start Your Own Benefit Before Claiming Survivor
- A surviving spouse should generally start their own reduced benefit now and switch to the survivor benefit at full retirement age to maximize total lifetime payments.
- Any reduction from starting your own benefit early does not reduce the survivor benefit when claimed at full retirement age.