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Most women take their Social Security benefits early causing them to lose out on an increased benefit amount. Joe Anderson, CFP\xae and Alan Clopine, CPA discuss Social Security claiming strategies so you can get the most out of your benefit in episode 73 of the YMYW podcast. Original publish date October 15, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.

00:00 - Intro

10:34 - \u201cAccording to\xa0Investment News, most women claim Social Security early (before full retirement age).\u201d

12:14 - \u201cThe answer we\u2019ll always give you is to push it [your Social Security benefit] out to age 70 if you have normal life expectancy.\u201d

15:39 - \u201cIt\u2019s especially important for women because women live on average four to five years longer than men. If you can wait and take those benefits later, you\u2019ll have a lot more money to work with in retirement.\u201d

17:38 - \u201cSocial Security benefits are based on your highest 35 years of earnings.\u201d

22:30 - \u201cWhen you put a tax strategy or tax plan into place with your retirement savings, you can stretch those dollars out more than you think.\u201d

26:31 - \u201cWorst case is 15% of your Social Security income is 100% tax-free\u2026California does not count Social Security as taxable income.\u201d

33:41 - \u201cWhen you do a Roth IRA conversion\u2026 set up a separate Roth IRA.\u201d

37:51 - \u201cWhen someone makes a mistake, they finally get serious about getting advice. The truth is you can save more in taxes than you think.\u201d