Are You Doing Social Security in Retirement All Wrong? - 4

Your Money, Your Wealth

Investing, News, Business, Business News, Education

4.6 • 797 Ratings

🗓️ 20 February 2016

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

Original publish date February 20, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 4 of YMYW: are you doing your retirement all wrong?

Joe and Al discuss recent Social Security changes and which claiming strategies you shouldn't miss out on if you qualify (restricted application and file & suspend). Find out how you can make more informed decisions when incorporating Social Security into your overall financial strategies. The two finish off the hour explaining why working even one extra year can have a huge impact on your retirement.

1:59 "Money will have to last retirees a lot longer, so that's longevity risk"

7:29 "More older adults are retiring with outstanding debt"

11:32 "If you're 62 and older before the end of last year, you could still file a restricted application... Also, you have another deadline: April 30th: file for your benefits and then suspend them; these are the two things that are changing"

12:49 "The spousal benefit is half of the spouse's benefit"

16:43 "No Social Security benefits are taxable in California—zero"

17:34 "Congress just got rid of a few Social Security claiming strategies this year, so the new rules make it more important than ever to make informed decisions when incorporating Social Security into your overall financial strategies"

18:44"Those final few years that you actually work make a big, big difference in the success or failure of retirement."

23:40 "A lot of you, when you really sit down and look at your situation, it's a little bit tighter than you might want it to be"

34:55 "There's a lot of new things with the new tax bill that can benefit you from a permanent basis"

Transcript

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0:00.0	Pure Financial Advisors, a registered investment advisor.
0:03.2	This show does not intend to provide personalized investment advice through this broadcast
0:07.3	and does not represent that the securities or services discussed are suitable for any investor.
0:12.5	Investors are advised not to rely on any information contained in the broadcast in the process of making a full informed investment decision.
0:19.0	This is your money, Wealth, on Talk Radio
0:22.3	760, KFMV. Now, here's Joe Anderson and Big Al Clopine.
0:28.9	Hey, welcome back to the program. Show is called Your Money, Your Wealth, right here on EM760, KFMB.
0:33.5	My name's Joe Anderson. I'm a certified financial planner with Big Al Klopine. He is a CPA.
0:38.0	Thanks for tuning in. Go to our website at purefinancial.com. Purefinancial.com if you want more
0:42.8	information about us in our firm. Alan, do you know this? Retirement is changing in the U.S.
0:49.3	Well, yes, I do know that. It's just not what it used to be. There was a recent survey.
0:56.4	And they kind of talked about, all right, well, what are the changes with the, you know, there's demographics as well of numbers of social changes behind retirement.
1:04.6	The Urban Institute took a scalpel to the statistics to try to explain America's aging phenomena in the process of retiring.
1:17.2	So interesting enough, I'm going to go through a couple of these just to kind of give our
1:21.5	listeners a little bit more information, little news you can use.
1:25.5	So here was one that they found in exploding older population.
1:30.2	In 2015, 48 million Americans were 65 or older.
1:35.7	That's 18% more than only five years ago.
1:40.1	By 2030, that number will go to $74 million. 74 million, Alan. Right now it's 48. 2030, we'll go to $74 million into $98 million by 2060. So we got increased longevity is one factor affecting the shape of retirement. Money will have to last retirees a lot longer.
2:03.0	So that's longevity risk.
2:04.4	That's a huge thing.
2:05.2	You've got to make sure that you have enough money to maintain a retirement that could
	...

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