496: Claiming Social Security Early: Is it the Right Strategy for You?
Retire With Purpose - The Retirement Podcast
Casey Weade
4.7 • 556 Ratings
🗓️ 25 April 2025
⏱️ 23 minutes
🧾️ Download transcript
Summary
Conventional financial wisdom encourages you to delay collecting Social Security benefits until age 70, but in certain cases, your "optimal" claiming age might actually be to pull benefits early.
In this episode, we discuss:
- Factors that benefit filing early
- Your "breakeven" number of filing early vs. later
- How your rate of return should factor into your Social Security strategy
Today's article is from Vanguard titled, Social Security: For Some, Early Claiming is Better. Listen in as Founder and CEO of Howard Bailey Financial, Casey Weade, breaks down the article and provides thoughtful insights and advice on how it applies to your unique financial situation.
Show Notes: Howardbailey.com/496
📧 WEEKEND READING FOR RETIREES: Receive CFP® insight on 4 hand-picked financial articles delivered straight to your Inbox each Friday: https://bit.ly/3OEdGgu
📅 SCHEDULE YOUR PERSONAL FINANCIAL REVIEW: Book a 15-minute call with Howard Bailey Financial to see how the topics discussed here apply to your individual situation: https://bit.ly/3z5mXIw
ABOUT HOWARD BAILEY FINANCIAL: Our mission is to help others gain clarity in purpose and elevate meaning in their lives through personal and practical financial strategies. Our Retire With Purpose™ Framework starts with establishing your unique financial philosophy — the true meaning and purpose for your money in retirement. Through continued education, one-on-one meetings, and a comprehensive team planning approach, we have helped retirees across the country secure their financial futures. And while we can't work with everyone, our goal is to provide value to everyone we meet. Our team of advisors and support specialists strive to deliver the very best experience in pre-retirement and retirement planning. Learn more about our process here: https://howardbailey.com/our-process
Transcript
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| 0:00.0 | Waiting until age 70 to claim Social Security can help many investors protect against outliving their money and boost their lifetime benefits. |
| 0:07.8 | But for some, an early claiming strategy can give you more money in the near and middle term as well as offer you tax advantages. |
| 0:16.0 | Listen along to find out if that person is you. |
| 0:30.3 | Hey, this is Casey and welcome to the podcast. |
| 0:33.6 | I'm here with my good friend, Marshall Johnson, here with me. Hey, hey, hey, buddy. |
| 0:34.6 | And this is one of our financially driven oriented discussions |
| 0:37.9 | that I always have with Marshall every other Friday. I want you to know what to expect here on the |
| 0:42.4 | podcast and direct you to wherever you may glean the most benefit from your listening time. |
| 0:48.7 | If you are looking for those non-financial conversations, search out those freedom after 50 episodes. We have every other Friday with my good friend and our certified retirement coach, Les McDaniel. If you want those financially related conversations, look for those episodes in between. And if you're more of an interview-based listener, you want that long-form discussion. Look for those long-form discussions. |
| 1:11.4 | We have a variety of different topics with our world-class guests, month in and month out. |
| 1:18.2 | Today, we're focusing our discussion on an article from Vanguard Research titled |
| 1:23.5 | Social Security for some early claiming is better. |
| 1:27.2 | This is one of the four articles that we included in our weekend reading for retirees email this past Friday. |
| 1:34.2 | That's an email that goes out every single Friday. |
| 1:36.4 | Nearly 20,000 individuals have signed up to receive this email. |
| 1:40.0 | Make sure to be one of those that can stay up to date on the latest in retirement trends, |
| 1:45.6 | helping you make better decisions in your finances. |
| 1:48.2 | We include summaries and takeaways for myself along with those articles. |
| 1:52.8 | And we'll also be giving away all kinds of great stuff from assessments and questionnaires, books, and white papers. |
| 1:59.2 | So get yourself signed up by simply shooting us a |
| 2:02.1 | text with the key letters, WR, and we'll send you a link. So text us WR to 888-599-4491, or you can just |
| 2:11.3 | check out a link in the description where you'll also find a link to this very article. Marshall, |
... |
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