Should You Claim Social Security Early? - 369

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

🗓️ 15 March 2022

⏱️ 31 minutes

🔗️ Recording | iTunes | RSS

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Summary

What part do taxes play in deciding to claim Social Security early? If Social Security creates too much provisional income so that you have to pay tax on your Social Security benefits, does it make sense to claim early? If you apply for Social Security at age 70 but could’ve been taking spousal benefits, are you owed that money? How long was the recovery from the 1929 stock market crash, really? Do higher yield investments early in retirement offset sequence of returns risk? Plus, a listener takes issue with YMYW’s dollar-cost averaging discussion, and Joe's big news in the Derails. Transcript, free financial resources, Ask Joe & Al On Air: https://bit.ly/ymyw-369

Transcript

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0:00.0	Today on Your Money, Your Wealth podcast number 369.
0:03.5	When deciding whether to claim Social Security early, how do taxes figure into your analysis?
0:09.3	If Social Security benefits create too much provisional income so that you have to pay tax on your Social Security benefits,
0:15.6	does it make sense to take Social Security early?
0:18.4	If you apply for Social Security at age 70 and then learn that you
0:22.5	could have taken spousal benefits for four years, does Social Security owe you that money?
0:27.5	Plus, a listener takes issue with YMIW's dollar cost averaging discussion and Joe's big personal
0:33.6	news in the derails. But first, how long did the recovery from the 1929 stock market
0:39.2	crash really take? And do higher yield investments early in retirement offset sequence of returns
0:45.1	risk? Get your money questions answered on YMIW. Visit your money, your wealth.com,
0:50.7	click on Ask Joe and Al on air, and send them in as an email or a priority voice message.
0:56.7	I'm producer Andy Last and here are the hosts of your money, your wealth, Joe Anderson,
1:01.2	CFP and Big Al Clopine CPA.
1:04.2	Marion writes in.
1:05.9	Now the first attachment is a New York Times article stating recovery from the 1929 crash only took four and a half years instead of often stated 25 years.
1:17.6	The second attachment is for a podcast website advocating, changing some, not all of your stocks and bonds to higher yielding options for the first five years of retirement
1:28.4	to offset the chance of sequence of return risk. After the five years, then slowly changing
1:33.8	the higher yielding options back to the original allocation, I could appreciate any comment.
1:39.3	Marion, a Chevrolet 2019, Red Silverado.
1:45.3	All right.
1:49.8	A Kieran beer, when available, to excess.
1:50.8	To excess.
	...

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