Podcasts Business Investing Your Money, Your Wealth Are You Doing Social Security in Retirement All Wrong? - 4

Are You Doing Social Security in Retirement All Wrong? - 4

Published: Feb. 20, 2016, 7 p.m.

Original publish date February 20, 2016 (hour 2). Note that content may be outdated as rules and regulations have changed. In episode 4 of YMYW:\xa0are you doing your retirement all wrong?\xa0

Joe and Al discuss recent Social Security changes and which claiming strategies you shouldn't miss out on if you qualify (restricted application and file & suspend). Find out how you can make more informed decisions when incorporating Social Security into your overall financial strategies. The two finish off the hour explaining why working even one extra year can have a huge impact on your retirement.

1:59 \u201cMoney will have to last retirees a lot longer, so that\u2019s longevity risk\u201d\xa0

7:29 \u201cMore older adults are retiring with outstanding debt\u201d

11:32 \u201cIf you\u2019re 62 and older before the end of last year, you could still file a restricted application... Also, you have another deadline: April 30th: file for your benefits and then suspend them; these are the two things that are changing\u201d

12:49 \u201cThe spousal benefit is half of the spouse\u2019s benefit\u201d

16:43 \u201cNo Social Security benefits are taxable in California\u2014zero"

17:34 \u201cCongress just got rid of a few Social Security claiming strategies this year, so the new rules make it more important than ever to make informed decisions when incorporating Social Security into your overall financial strategies\u201d

18:44\u201cThose final few years that you actually work make a big, big difference in the success or failure of retirement."

23:40 \u201cA lot of you, when you really sit down and look at your situation, it\u2019s a little bit tighter than you might want it to be"

34:55 \u201cThere\u2019s a lot of new things with the new tax bill that can benefit you from a permanent basis\u201d