Should You Use A Break Even Calculator for Social Security?
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 19 September 2022
⏱️ 26 minutes
🧾️ Download transcript
Summary
Can a Social Security break even calculator help you decide the best age to file? Yes!
Just know…the results of this calculation alone cannot be the deciding factor when choosing the best filing age.
Deciding when to file for Social Security benefits requires the examination of multiple pieces of information. A Social Security break-even calculator can help with the decision, but it can never be the sole factor used if you are serious about making a well-rounded decision.
Before using this calculator, I'd highly encourage you to read my article on the right way to use a Social Security break-even calculator.
Access the break-even calculator here https://www.socialsecurityintelligence.com/calculators/social-security-break-even-calculator/
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
Contact Devin's team at https://www.carrolladvisory.com/
Contact John's team at https://www.rossandshoalmire.com/
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. |
| 0:04.3 | Listeners are encouraged to seek out their own advisors in these areas. |
| 0:11.5 | Hey, everyone. |
| 0:12.5 | Welcome to The Big Picture Retirement Show. |
| 0:14.6 | I'm your host, Devin, and joined today by John Ross. |
| 0:18.3 | Howdy. |
| 0:19.0 | Howdy. |
| 0:20.8 | Yeah, that howdy again. Howdy. Yeah, try that howdy again. Howdy. |
| 0:22.0 | Yeah, that we're good. |
| 0:22.6 | Okay. |
| 0:24.5 | That sounded a little weak. |
| 0:27.6 | A little more, a little, maybe I just need to be a little more enthusiastic. |
| 0:28.7 | Yes, that's it. |
| 0:30.1 | Don't wilt on me now. |
| 0:31.1 | We're just getting going. |
| 0:40.2 | Okay, we talked in an episode or two ago about the six Social Security mistakes that can damage your retirement. One of those was not using all of the data that was available to make a filing decision. Right. We talked about |
| 0:45.5 | using retirement planning tools, about how you can engage someone that understands all of that, |
| 0:49.4 | so on and so forth. One of the most popular things that people used to use for making a decision was a break-even analysis. |
| 0:57.0 | In fact, there was a tool that used to be available on the Social Security Administration's website |
| 1:01.2 | that was a break-even analysis. |
| 1:03.2 | Here's the way it worked. |
| 1:04.2 | John, let's say you're 62. |
... |
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