Collect Social Security Now or Wait? Ep #4
Have you started planning for the day when you’ll apply to receive Social Security benefits? Do you know how old you need to be? What will you do if your spouse dies before you? Are there benefits to waiting to collect Social Security in your 70’s as opposed to your 60’s?
I know that Social Security can become a hot button political issue - but the truth is millions of Americans rely on Social Security for their income and for retirement planning. I want to cut through all the noise and talking heads out there and get you what you really need to know about Social Security and if it is the best time for you to start collecting.
On this episode, you’ll hear a brief explanation about the program and how it works for people planning to retire, the five things I’ve identified that are critical to collecting Social Security the right way, why you don’t need to worry about Social Security solvency, and much more. Make sure you pay close attention to this informative episode, you don’t want to miss it!
You will want to hear this episode if you are interested in...
When is the right time to collect your Social Security check? [0:45]
5 things you need to know about collecting Social Security [3:30]
What does family history have to do with Social Security? [8:30]
Keeping your pressure off of your assets [10:15]
Should you be concerned about Social Security solvency?[13:00]
When you should apply to Social Security
Should you apply for SSN benefits as soon as you possibly can? It depends! For most people, the answer to that question is, no. If you and your spouse plan on working into your 60’s, you don’t need to collect SSN at the earliest possible date. The more you wait, the more benefits you’ll be able to collect from SSN. You can learn more about planning for the right time to apply to receive SSN benefits by visiting the link to the SSN administration located in the resources section at the end of this post.
5 things you need to know about Social Security
I have met with numerous individuals over the years as they plan for financial success and I’ve noticed five key things people should be on the lookout for as they plan to receive SS benefits. Each of these topics will help you filter and understand where you need to be when it comes to analyzing your Social Security options.
Do you need income from Social Security?
Are you working?
Are you married?
Look at your family history - what does it show you about your longevity?
Should you work longer to increase your benefits?
To hear a full break down of each of these categories and how the answers these questions will help you plan for the future, make sure to listen to this episode!
Don’t stress!
Are you worried about the future especially when it comes to safety nets like Social Security? Does the gridlock in Washington D.C. leave you cynical and hopeless for long-term solutions? I know that it’s easy to get overwhelmed by negative and discouraging news but I want to give you a glimmer of hope. I really don’t think that Social Security will become insolvent - it sounds like a huge colossal problem when you talk to politicians but the truth is, Congress can fix it with some pretty simple changes. I am confident that if Social Security is left to fail, people will vote to correct that very quickly.
Resources & People Mentioned
https://www.kiplinger.com/slideshow/taxes/t054-s001-14-states-that-won-t-tax-your-pension/index.html
https://www.kiplinger.com/slideshow/taxes/t054-s001-states-without-income-tax/index.html
https://www.nerdwallet.com/blog/taxes/federal-income-tax-brackets/