You want to get the most out of your Social Security benefits, right? I’m with you, maximize Social Security as much as you can! But there’s a lot of conflicting advice out there about what you should do to make that happen. Some advisors are saying you should take early but reduced benefits in view of life expectancy while others are saying the early benefit is wise because social security is not a very stable system and it may not be around by the time you can take the increased benefits. What should you do? On this episode I’m going to walk you through the outline of a presentation I gave on this very subject, so grab your thinking cap and let’s get to work! Why are more retirees taking their early, reduced social security benefits? 

It’s more common than ever in recent years that people who qualify for taking social security are doing so at the earliest possible moment. It’s totally legal and OK to do, but when you do you get a reduced rate of benefit - and you’re locked into that rate for the rest of your retirement years. If you get less money, why are more people doing it? On this episode of The Retirement Answer Man, I’m going to explain it to you and even walk you through a few scenarios of what the numbers look like if you take the early benefit VS waiting. I think you’ll be surprised at the difference! Is social security even going to be around when you reach your maximum benefit age? 

There are many people who take the early but reduced benefit on their social security because they are not confident that the social security system is stable enough to last until their full benefit age. I get that. There’s been lots of scary prognosticating surrounding the viability of social security that’s made the rounds over the years. Coupled with that is the sentiment many people have that they’ve worked hard all these years to fill their social security fund so the minute it’s available, they want it! On this episode, I’m going to give you my opinion about whether or not the good old SS administration will be around for very long. I hope you listen. Before you decide to take your social security benefits at the earliest date, think of your family. 

I totally get the eagerness many people have to tap into their social security benefits the moment they can legally do it. But when you do so you need to realize that the decision you make will not only impact you, it will also impact your spouse and possibly your surviving children. On this episode of The Retirement Answer Man, I’m going to walk you through a scenario or two to show you what could happen by taking your benefits early and give you some things to consider about whether it’s the best move or not. If you want to maximize social security maybe you should work some during early retirement. 

I know, it sounds crazy to work during retirement. But on this episode, I’m going to show you the huge financial difference it could make if you simply work a small amount during the earliest years of your retirement. It will not only help you maximize social security for your own benefit but will also dramatically change the quality of life you enjoy during the later years of your retirement. Interested? I think you will want to hear this perspective. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN 

• [0:21] My introduction of this episode about maximizing your social security benefits.

HOT TOPIC SEGMENT 

• [4:04] Michael Hyatt’s “Your Best Year Ever” course and why I’m promoting it!

PRACTICAL PLANNING SEGMENT 

• [6:04] My whirlwind tour of Texas, speaking to CPAs.
• [8:08] Something important to consider about social security.
• [10:55] Why you need to review your SS earnings statements.
• [13:15] How some people take a reduced rate on Social Security benefits.
• [15:40] Calculating the “break even” age to decide if a reduced rate makes sense.
• [17:00] How longevity statistics impact the decision.
• [20:00] Why the decision is not only about your life but those of your family members too.
• [22:05] Why working during early retirement is making more sense all the time.
• [24:55] How it could be a bad decision to take early, reduced Social Security benefits.
• [27:04] A quick example of what could happen in either case.

TODAY’S SMART SPRINT SEGMENT 

• [33:18] Choose a word to guide you in making decisions this coming year.

THE HAPPY LAB SEGMENT 

• [34:36] What I did yesterday that made me very happy! I didn’t get out of bed until 1 PM - and I didn’t guilt myself out!

RESOURCES MENTIONED IN THIS EPISODE
Michael Hyatt’s Best Year Ever Course
Contact Roger: http://www.rogerwhitney.com/retirementanswers/
Roger’s retirement learning center: www.RogerWhitney.com/learn
The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan