Best Time to Take Social Security Benefits - 73

Most women take their Social Security benefits early causing them to lose out on an increased benefit amount. Joe Anderson, CFP® and Alan Clopine, CPA discuss Social Security claiming strategies so you can get the most out of your benefit in episode 73 of the YMYW podcast. Original publish date October 15, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

10:34 - “According to Investment News, most women claim Social Security early (before full retirement age).”

12:14 - “The answer we’ll always give you is to push it [your Social Security benefit] out to age 70 if you have normal life expectancy.”

15:39 - “It’s especially important for women because women live on average four to five years longer than men. If you can wait and take those benefits later, you’ll have a lot more money to work with in retirement.”

17:38 - “Social Security benefits are based on your highest 35 years of earnings.”

22:30 - “When you put a tax strategy or tax plan into place with your retirement savings, you can stretch those dollars out more than you think.”

26:31 - “Worst case is 15% of your Social Security income is 100% tax-free…California does not count Social Security as taxable income.”

33:41 - “When you do a Roth IRA conversion… set up a separate Roth IRA.”

37:51 - “When someone makes a mistake, they finally get serious about getting advice. The truth is you can save more in taxes than you think.”