Social Security Shield

ABOUT THIS EPISODE

On this episode, Eddie discusses Social Security and how all the rules can cause massive confusion. Tune in to learn to do's and don'ts when it comes to your benefits. If you want to read the entire story, pick up a copy of his book Easy Retirement Solutions now available on Amazon.com.

To learn more, visit Eddie online at: https://www.padlockretirement.com/

And welcome to the Easy Retirement Solutions podcast with financial expert and number one Amazon bestselling author Eddie Bennett. Each episode features helpful insights, practical tips, and reliable strategies to help make your retirement as enjoyable as possible. For the next few minutes, enjoyed listening as co host Dave Henning talks with Eddie Bennett about the retirement secrets your broker doesn't want you to know. So as we uh continue in chapter three, the Social Security shield. And as we all know, the baby boomers are a large percentage of our population and many of them, as you mentioned, really never gave a second thought to retirement. And at least I don't know. The understanding is have two or three four months of savings somewhere right in case of emergencies, and I don't think that a...

...lot of baby boomers even have that or have thought about it. So with the changing scenery and social security, let's talk about that a minute. Well, you know, the interesting thing about social security, first off, is that for the first time in history, there's more people that are taking soci security then there are people working, so there's more withdrawals, so to speak, from social security. Then there are people depositing money into it, right, and uh, you know you don't have to have a personal finance degree to to know that that's probably not good. Um going to last um, you know till maybe they'll probably make some changes there. Um. But at the end of the day, Um, it's one of those things that most people look at as the most significant part of their retirement income. And so...

...they look at what they look at social security and they said, this is the number one thing, right, this is the number you know, Like we talked about retirement as a three legged stool, so security is like toppling, right. And but there's a lot of changes that are coming to social security. Um. For somebody like me, I'm not quite sure it's even gonna be there. But you know, the biggest factor that I'll tell people all the time about social security is when you take it. It's the biggest factor. So, as you were saying, the biggest the factor is when to take your social security. Tell us about that's changed, and tell us about what should somebody do now if they're getting close to retirement. Things to think about in the changing the economy of social security. So, yeah, the biggest factors definitely when to take social security right, that's what most people...

...get wrong. Um. What we don't what we don't realize, is we get one chance with social security. It's a lifetime decision. You can't go back and say I check the wrong box. Right, It just is what it is. And so UM, the biggest factor is when to take it. And it's it's pretty simple. You have a full retirement age with social Security UM, which could be sixty five, it could be sixty six, it could be sixty seven. It's depends on how old you are right now right, UM. You can take it on full retirement age, you can take it before retirement age, and you can also take it after retirement age. And so there's three different options that you can you know technically do UM and it and it really depends on your situation. It really depends on three different factors, honestly. One is you know, longevity with social Security UM,...

...which could be sixty five, it could be sixty six, it could be sixty seven. It's depends on how old you are right now right, UM, you can take it on full retirement age, you can take it before retirement age, and you can also take it after retirement age. And so there's three different options that you can you know, technically do UM and it and it really depends on your situation. It really depends on three different factors honestly. One is you know longevity, how long you know, are you of good health? Does your family live a long time? Um? If you're going to live a long time, you may want to wait on taking it, right because once you set that benefit in, like if I start taking it at sixty two, at early retirement age, UM, it's locked in at that number. And so let's say it's a thousand dollars. Okay, you get a thousand dollars a month for the rest of your life, and that may seem great, but your full scopes full retirement age maybe sixty six and it may be fifteen hundred. Then well you can say,...

...well that's only five Well that's like six thousand dollars a year, ten years, that's sixty grand. That's a lot of money, right, Uh, that's that's a lot of trips, that's a lot of things that you can do. UM. And if you wait until uh, you know, uh to you know the full or after excuse me, UM, it can almost double. I mean that that thousand dollars maybe eighteen hundred at that point. But here's the deal, here's the kicker, is that if you look at your information, right, if if the plans that we create take into account all of your all of your inflows of money, your retirements, your four one K is right, your pensions if you have those, and we can determine when is best to take it um And it's truely like I said once again, it's all based on that data. And so you know that's the that's the beautiful thing is that you know, how are you going to live? The seked thing would be you know your spouse will benefits? Right,...

Uh, does your spouse have a pension? Does your spouse have retirement? Does your spouse have social security? All of those things taken to play and there's options. You know, if you passed away, they would get a percentage of it. A lot of things are going on there, right. And then finally, what if you're healthy and uh, you know you're sixty two, sixty five years old, um, and you can retire, but you decide that you just want to continue to work because you're healthy, you love what you do, right, Well, there's limits to how much money you can make, okay, otherwise then you'll get a significant penalty on the social security. So those are all the things that are going into play when it comes to social security. And it's like I tell people, it's probably the most significant part of the majority of people. It's also the biggest thing people get wrong because they don't know when to take it. Um, you...

...know. And so we just love to sit down with people and you know, on our end, it's easy. It's just about the information that you have. And when we create the plan, you know, it's like looking at a picture, right, Um, I can tell you know where the sun is and where the ocean is in the picture. You know, that's that's the that's what we're doing. If we're just painting a picture, we're just putting the information down of your retirement and I'm just showing you what these things are. And so once again, it's not my opinion, it's not your opinion. It's just the facts of the matter. And that's how you make good decisions and make good plans. What I love about what you're doing is and like myself, I don't feel like I need to know everything, but if I know somebody who knows more than me that can really help me out and guide me in an honest and ethical way. That's exactly what you're doing, and that's that's a very commendable for sure. UM. For example, things like r m D has required minimum distributions and how to maybe shelter...

...yourself and like you said, how much am I allowed to work if I'm taking my my Social Security? And as we think about those thoughts, that takes us right into chapter four. Thanks for listening to the Easy Retirement Solutions podcast with retirement planning expert and number one Amazon bestselling author Eddie Bennett. Learn more or get a copy of Eddie's book when you reach out to him at Easy Retirement Solutions dot com. That's Easy Retirement Solutions dot com.

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