Most people decide when to claim Social Security in about 15 minutes. For many couples, that decision is worth over a million dollars.

In this episode of The Perfect Retirement Plan?, Phillip Smith breaks down the Social Security claiming decision in plain terms, walking through what you're actually choosing between at 62, 67, and 70, and why getting it wrong is a permanent reduction you'll carry for the rest of your life.

If you're within a few years of retirement and planning to turn on benefits the moment you walk out the door, this episode is built for you. Topics include how your benefit is calculated, spousal benefits, survivor benefits, the break even analysis, the earnings test if you claim while still working, and why the higher earner's decision carries far more long-term weight than most people give it credit for.

#RetirementPlanning #SocialSecurity #RetirementIncome #WhenToClaimSocialSecurity

Chapters:

00:00 The million dollar decision most people make in 15 minutes

02:30 How Social Security benefits are actually calculated

06:45 Spousal benefits: your decision affects more than just you

10:20 Survivor benefits: the part most people skip

14:50 The break even question and why longevity changes everything

19:10 Claiming early while still working: the earnings test trap

23:00 3 things to do before you make this decision

Thanks for tuning in to this episode of The Perfect Retirement Plan, and remember: it's not about having the smartest financial advisor, the most money saved, or the highest probability of retirement success. The perfect retirement plan, for you – is the one you act on.

Phillip Smith, CRPC AIF | Financial Planner
Tidepool Wealth Strategies
450 Country Club Road, Suite 350 | Eugene, OR | 97401

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Additional Disclosures:
The opinions contained in this material are those of the author, and not a recommendation or solicitation to buy or sell investment products. This information is from sources believed to be reliable, but Cetera Wealth Services, LLC cannot guarantee or represent that it is accurate or complete.
All investing involves risk, including the possible loss of principal. There is no assurance that any investment strategy will be successful.