Episode Guest: Rob Soerens
Rob is a financial advisor with Gateway Financial Advisors, holding over a decade of experience in the financial industry. Prior to his current role, Rob practiced as an attorney specializing in mergers and acquisitions, tax law, and estate planning. Transitioning from law to financial advising, Rob's expertise spans across investment strategies, retirement planning, and social security benefits. His vast knowledge and practical experience provide valuable insights, especially for clients navigating the complexities of Social Security.

Episode Summary:

In this engaging episode of the Teaching Tax Flow podcast, Chris Picciurro, alongside co-host Rob Sorence from Gateway Financial Advisors, delves into the intricacies of Social Security benefits. Episode 127 is packed with information crucial for anyone planning their retirement or currently navigating the Social Security system. With an emphasis on timely decisions and common pitfalls, this episode serves both the seasoned and novice planners alike.

The episode kicks off with an exploration of the fundamental aspects of Social Security, including qualification requirements and the significance of the 40-credit rule. Rob and Chris discuss the earnings record and how it impacts the benefits calculation over a 35-year work history. They stress the importance of understanding life expectancy and break-even points in maximizing Social Security benefits. The conversation broadens to cover spousal benefits, including provisions and strategies for surviving spouses, divorced individuals, and non-working partners. The hosts also address the evolving nature of Social Security regulations and the need for updated information, underscoring the importance of collaboration with financial advisors.

Key Takeaways:

• Social Security benefits are determined by the 40-credit rule and averaged earnings over 35 years of work history.
• The earliest age to claim Social Security is 62, with potential benefits maximized at age 70. It's crucial to weigh personal health and longevity in these decisions.
• Spousal benefits considerations include special provisions for widowed, divorced, and non-working partners, affecting filing strategies.
• Keeping informed of evolving regulations is vital; outdated information can lead to suboptimal financial planning.
• Regularly review your Social Security statement to ensure accuracy and address any discrepancies early.

Notable Quotes:

• "Social Security was set up in 1935, and the life expectancy back then was 59 for males, a stark difference to today's expectations."
• "If you expect longevity and want to protect for it, then you could definitely wait... it's about risk adjusting your income based on your expected life expectancy."
• "You can step into the shoes of a deceased spouse and claim at their record if it benefits the surviving spouse."
• "Up-to-date information is crucial because the rules regarding Social Security are constantly changing."
• "Checking your Social Security statement is kind of like checking your credit report; make sure everything is accurate."

Resources:

• Social Security Administration - Official Site - Access your Social Security statement online.

Don't miss out on this comprehensive episode that could shape your financial future and retirement plans. Tune in to unlock deeper insights on Social Security today and stay updated with more expert-driven episodes from the Teaching Tax Flow podcast.

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• (00:02) - Understanding Social Security Benefits with Expert Rob Sorence