When should I start taking Social Security?

Listen to the podcast here: https://moneypig.buzzsprout.com/2136084/15055543-when-should-i-start-taking-social-security

The Money Pig podcast discussed Social Security retirement benefits with CERTIFIED FINANCIAL PLANNER™ professional Justin Pitcock. The episode highlights the importance of determining when to start taking Social Security benefits. Concerns were raised about a potential 20% reduction by 2034 due to financial challenges. Strategic planning based on factors like age, health, marital status, and income sources was emphasized to optimize benefits.

Complexities of Social Security taxation were explored, where up to 85% of benefits could be taxable. Strategies like delaying benefits or structuring retirement income were advised to minimize tax implications. Decision-making patience was emphasized to maximize benefits. Practical considerations were shared for spousal benefits, survivor benefits, and even ex-spouse benefits post-divorce under specific conditions.

Detailed discussions covered essential elements like earning credits for eligibility and navigating decisions around starting benefits early or delaying based on individual circumstances. Listeners were encouraged to access additional resources for comprehensive guides on Social Security retirement benefits at goodwininvestment.com. The episode provided valuable insights to secure a stable financial future through informed choices in Social Security planning strategies.

If you want help navigating Social Security and your specific financial situation and retirement planning, please schedule a free consultation. The first step in our process is to complete an intro call with our Goodwin Investment Advisory consultant here.

The Money PIG podcast is hosted by Reid Trego. Goodwin Investment Advisory is a Registered Investment Advisory firm regulated by the Securities and Exchange Commission in accordance and compliance with securities laws and regulations. Goodwin Investment Advisory does not render or offer to render personalized investment or tax advice through the Money PIG podcast. The information provided is for informational purposes only and does not constitute financial, tax, investment or legal advice.