Dec 5, 2018
>>> Subscribe on iTunes: https://apple.co/2DI2LSP
>>> Subscribe on Amazon Alexa: https://amzn.to/2xRKrCs
>>> Check out our blog: https://truenorthretirementadvisors.com/blog/
Transcript:
Is there an ideal age to take social security? That’s a complicated question to unpack, but here’s the guiding principle I like to use when advising clients on their social security decision:
If you’re in good health and you expect to live into your mid-70s or longer, consider waiting as long as possible to start social security.
Most Americans should plan to live into their 80s, which means that taking social security somewhere between age 67-70 makes the most sense.
As I discussed in yesterday’s tip, the difference in lifetime income between starting social security as early as possible at 62 vs. waiting until age 70 was nearly $600,000 for the client I told you about yesterday.
If you’re going to hold off on starting social security, this naturally leads to an important question: where do you draw income from instead if you’re going to retire before you start those social security checks?
The clients I told you about yesterday won’t start social security for close to 10 years AFTER they retire, so we’re going to take higher withdrawals from their portfolio to fill the gap, and lower those withdrawals once social security starts. This strategy makes sense for a lot of people, as long as those higher withdrawals in the early years are sustainable. You’ll want to run the numbers for yourself to see if that pencils out.
I have a special treat if you’re listening today: Send me your social security monthly benefit amount at your full retirement age, and I’ll run the numbers for you! I’ll show you the impact of taking social security at different ages, so you can make a smart social security decision!
I normally charge $1000 for this analysis, but this week, for listeners of the One Minute Retirement Tip, it’s free.
Email your full retirement age monthly benefit amount to ashleym@truenorthra.com. It’s free; no strings attached.
That’s it for today. Thanks for listening.
Tomorrow we’re going to switch gears and talk about the social security taxation trap.
My name is Ashley Micciche...and this is the One Minute Retirement Tip.
Topics Covered This Week:
retirement, investing, money, finance, stock market, social security, social security at age 62, full retirement age, social security at age 70, ex-spouse social security benefits, cuts to social security, social security taxable, social security tax, social security delayed retirement break even, social security age, max social security tax, social security benefits age 66 still working