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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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Sep 29, 2017

Learn the best way to claim social security when you have savings, 401ks, or other investments.

Main Questions Asked:

  • What do you need to know about claiming your social security benefits?
  • Should you delay in taking your benefits as long as possible?
  • Is social security going broke and going to leave you with nothing?

Key Lessons Learned:

  • Claiming Social Security
  • If you are over 50, you have nothing to worry about. Social security is not going anywhere.
  • Touching social security would be political suicide. Although there is a possibility of some cuts or adjustments or tax on high income earners.
  • The Social Security Administration will not offer you personalized advice. In fact, it is illegal for them to do so.
  • Claiming your benefits is complicated and confusing, and if you don’t claim them at the right time, it could impact your investments, taxes, and even Medicare.
  • It is extremely important to get a customized social security analysis to get the most out of your social security benefits. 
  • Saving for retirement alone is not enough. If you want to retire successfully today, you need to have a thorough and thoughtful plan that is reviewed consistently.
  • Claiming early may work for some people, but not everyone. Every year you delay social security your monthly payment goes up by 7% or 8%.
  • Claim the benefits right away if you need the income or if you are sick or have short longevity.
  • Most people should wait at least until full retirement age or until they retire from their job. The longer they delay the larger their checks will be.
  • There is no right answer. Everyone’s circumstances are unique and all require a different approach. It depends on how much money you have and other circumstances.
  • It may make sense to withdraw social security earlier and not spend your savings account which you have control over.
  • The social security tax is based on where your income comes from. You need a strategy to maximize your income and minimize your taxes.


Customized Social Security Analysis

  • Taking your benefit at face value can cause you to lose money and leave benefits on the table and trigger an avalanche of taxes.
  • The only way to get the most out of social security benefits is with a customized social security analysis that considers your circumstances and goals.  
  • Retiring when the market is at all-time highs or record low interest rates can wreak havoc and tempt people to take unnecessary risk.  

Equifax Data Breach

  • Go to EquifaxSecurity2017.com to check it out.
  • Don’t panic.

Links To Resources Mentioned

Money Map Retirement Review

1-800-757-0436

Forced to Retire

EquifaxSecurity2017.com

Thank you for listening!