The Hidden Cost of Delaying Social Security

Big Picture Retirement®

Devin Carroll

Business News, Business, Investing, News

4.7 • 545 Ratings

🗓️ 3 November 2025

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

You've heard it a thousand times: "Wait until 70 to file for Social Security." But if that's such obvious advice, why do most retirees file earlier? In this episode, we uncover the hidden cost of waiting and the trade-offs most experts ignore. You'll learn how early withdrawals, taxes, and real-life emotions all change the math—and why the "right" answer isn't the same for everyone.

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://carrolladvisory.co/podcast1

📍Contact John's team at https://www.rossandshoalmire.com/

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Transcript

Click on a timestamp to play from that location

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.
0:10.5	Hey, everyone, welcome to the Big Picture Retirement Show.
0:13.3	I'm your host, Devin, joined by my co-host, John Ross.
0:17.5	Howdy?
0:18.2	John, it's good to have you back in the studio recording. Absolutely. Good grief.
0:22.4	It's been busy. Man, it has. We don't get to record as often as we should. Well, and of course,
0:28.2	I think you were on vacation maybe or just out or something. I don't know. You were on vacation.
0:35.5	I was also on vacation. You went to see the fall foliage. Well, I won't say necessarily to see the fall foliage, but we did drive up the coast of Maine. You happened to see it while you were there. Yes. John, what other reason is it? Look, on it, man. Embrace your age. You went to see the fall foliage, and you were, in fact, I'll bet you were in an RV doing it. One, we were not.
0:55.7	Two, we went to go see our son and Schenectady, New York.
0:58.8	And then we just drove across over to Maine, and then we made our way up.
1:05.0	We started in Kenny Bunkport, then into Booth's Bay, and then went up to Acadia National Park and Bar Harbor.
1:13.6	Oh, yeah.
1:15.0	Did some hiking and things and ate my body weight in lobster.
1:19.5	Oh, man. Yes.
1:21.3	How was Bar Harbor?
1:23.0	A touristy.
1:23.8	Oh, is it? Okay.
1:24.7	Yeah, it's a bit touristy.
1:26.1	And how's the National Park?
1:27.3	No, the National Park's beautiful. Is it? Did some hiking and stuff, some sketchy hiking. Like we're... Really?
1:32.5	Hanging our rear end off a cliff, climbing up metal rungs on a mountain. Oh, wow. Yeah, it was fun. Yeah, very cool. My favorite was the Booth's Bay area of Maine.
	...

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