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Original publish date March 19, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. In episode 11 of the YMYW podcast, Joe and Al discuss how retirement planning can help you avoid risks and keep you out of a retirement savings crisis. Find out if you should take advantage of these soon-to-disappear Social Security claiming strategies.

03:56 \u201cWaiting for triggers in the overall market for you to make decisions financially is not the right move; you have to get your strategy in place now\u201d

08:37 \u201cThings have got to change and you really need to put things in perspective and start planning as soon as you possibly can\u201d

10:32 \u201cWhen it comes to these new [Social Security] rules, you have to act now. Let me explain what they are\u2014there are two benefits that are going away\u201d

13:14 \u201cIf you turned 62 years of age by 12/31/15, you still qualify to take that restricted application. You can take it on an ex-spouse as long as you were married to that ex-spouse for ten years, or if you are currently married\u201d

18:06 \u201cFile and suspend is going away and you\u2019ve got until April 28 to do this\u201d

22:41 \u201c\u201cIf you\u2019re married, it\u2019s a really good idea for the spouse who has the highest benefit to wait as long as they can, hopefully to age 70. Why is that? First of all, while you\u2019re both living, you\u2019ll enjoy that higher benefit, and when one of you passes (let\u2019s say the higher wage earner passes), then the spouse will get the survivor benefit which is equal to the same as the spouse that passed away\u201d

34:18 \u201cTapping your retirement nest egg comes with all sorts of new rules and opportunities. Instead of contributing to tax-deferred accounts that reduce your taxes, you\u2019ll start tapping those savings for income and paying taxes at your regular rate\u2014unless you\u2019re tapping into a Roth IRA, which we want you to be thinking about right now"