"Collect Social Security at Age 70" is Common Advice. Why? - 259

Your Money, Your Wealth

Realestate, Income, Investing, Personalfinance, 401k, Rothconversion, Retirement, Education, Taxes, Socialsecurity, Personalfinances, Finance, Retirementplanning, Investments, Stocks, Business, Roth, Fiduciary, Ira

2.3 • 681 Ratings

🗓️ 4 February 2020

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

We address a challenge to the advice to wait until age 70 to take Social Security and we tackle your questions on making the most of your benefits, what happened to annual projections for those on restricted applications, using a revocable trust to protect assets from Medicaid, converting from 403(b) to Roth IRA, rolling Roth 401(k) to Roth IRA, and whether to contribute to a Roth 401(k) or Traditional 401(k). Ask money questions, read the transcript & access free financial resources: http://bit.ly/YMYW-259

Transcript

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0:00.0	Today on Your Money, Your Wealth, Joe Anderson's CFP is sending everybody to their local social
0:06.1	security office and to their spreadsheets because that's his idea of a good time. Not really,
0:11.2	but he will be tackling your questions on making the most of your social security benefits,
0:16.2	what happened to the annual projections for people on restricted applications, and using a
0:20.7	revocable trust
0:21.5	to protect assets from Medicaid.
0:23.8	Then later in the show, Big Al Clopine CPA will come in off the golf course and join us
0:28.2	to answer some of your Roth IRA conversion questions.
0:31.6	I'm producer Andy Last, and if you've got a burning money question, comment or suggestion,
0:36.7	go to Your Money, Your Wealth.com,
0:38.4	scroll down and click Ask Joe and Al on air.
0:41.5	Let's get started with a challenge to the very common advice to wait until age 70 to take Social Security.
0:48.0	We got Matt from Minnesota.
0:50.4	Don't you know.
0:52.1	I was just there, the homeland.
0:54.9	That's where I'm from, born and raised.
0:57.0	Shout out to Ruthie.
0:57.9	Yes.
0:58.8	Hi, Joe, Al, Andy.
1:00.8	I'm from Minnesota.
1:02.2	Hi, Joe.
1:03.3	Hello, Matt.
	...

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