When to Take Social Security + How to Fix a Common Mistake

Stay Wealthy Retirement Podcast

Taylor Schulte, CFP®

Financialplanning, Retirement, Money, Taxplanning, Stocks, Wealth, Business, Investing, Retirementplanning

2.4 • 606 Ratings

🗓️ 2 April 2019

⏱️ 15 minutes

🔗️ Recording | iTunes | RSS

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Summary

The most common question about Social Security is "when should I take it?"

It’s a simple question but there are a number of factors that need to be considered before you can accurately answer.

If you're already taking Social Security, don't panic. There may be a solution for you if you want to change the timing of your benefits after listening to this episode.

To summarize, today on the show I'm talking about:

The optimal time for most people to take Social Security
Why your investment strategy might impact when you decide to take your benefits
How to fix a common Social Security mistake

Show Notes & Links www.youstaywealthy.com/41

DISCLAIMER: This podcast is for informational and entertainment purposes only and should not be relied upon as a basis for investment decisions. This podcast is not engaged in rendering legal, financial, or other professional services.

Transcript

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0:00.0	Welcome to the Stay Wealthy podcast. I'm your host, Taylor Schulte, and today I'm going to be talking about a very common mistake that people make with Social Security and how you can fix it. I'm also going to talk
0:22.5	about the best strategy for taking Social Security, and I want to put some just kind of basic
0:27.7	numbers to it so that you can make an educated decision for you and your family. For all the
0:33.9	details, links, and show notes, head over to you staywealthy.com forward slash 41.
0:40.1	And as always, if you have any feedback or questions for me, go ahead and shoot me an email at
0:46.3	podcast at you stay wealthy.com. Okay, let's dive in.
0:53.2	One of the most common questions around social security is when should i take it and it's a simple
1:00.6	question but if you're a listener of the show hopefully you know that there are a lot of other
1:05.8	factors to take into consideration like nothing is ever that simple when it comes to money and financial planning.
1:13.1	Now, my goal for this show is to simplify this stuff and make it really easy to understand,
1:18.5	but that doesn't mean we don't have to factor in other things in our financial life.
1:22.7	So before we address some of those other things I want you to consider, the simple textbook answer is to delay Social Security to age 70 if you have the resources to do so.
1:37.2	Why is that? Because on average, you're going to earn more money over your lifetime by delaying Social Security.
1:45.7	As you might know, each year you delay Social Security beyond full retirement age, you get an extra 8% boost to your 12-month
1:53.8	Social Security payment. So for every year you wait, you get an extra 8% bonus on your Social
2:00.3	Security payment. Quick note, if you're
2:02.7	born before 1943, that increase is a little bit lower. So that 8% is for people born
2:10.3	143 or later. So in short, the longer you wait, the longer you delay Social Security, the more money you're going to get in your benefits.
2:21.9	Now, the Social Security Administration actually puts out an annual guide to taking your benefits.
2:26.9	So this year, they have the 2019 guide to taking Social Security benefits.
2:31.2	I'll link to it in the show notes if you're interested.
2:33.1	But like most things
	...

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