The author and Social Security expert discusses the best and worst times to claim Social Security, Roth versus traditional IRAs, and how retirees can protect against a weak market....(read more)
LEARN MORE ABOUT: IRA Accounts
CONVERTING IRA TO GOLD: Gold IRA Account
CONVERTING IRA TO SILVER: Silver IRA Account
REVEALED: Best Gold Backed IRA
When it comes to retirement planning, one of the most significant decisions to make is when to start collecting social security benefits. For many, it may seem like the wisest move to put off collecting these benefits as long as possible, but as Mike Piper points out in his book "The Long View," this isn't always the case. Piper argues that delaying social security isn't always a good deal because it comes down to individual circumstances. In particular, his book highlights that when it comes to delaying social security, the decision isn't always financially advantageous. While many financial advisors recommend delaying social security until the recipient reaches full retirement age, this may not always be the best strategy. For one, waiting until age 70 to collect social security means collecting a higher monthly payment. However, most people will not live long enough to recoup the amount they would have received had they started collecting benefits earlier. Another factor to consider is that collecting social security later on may lead to increased taxes, especially for those with other sources of retirement income, such as an IRA or 401k. This is because the IRS considers social security benefits as taxable income. Therefore, Piper recommends that individuals analyze their specific situation carefully before deciding when to start collecting social security benefits. It's essential to consider factors like life expectancy, retirement savings, and other sources of income. In his book, Piper suggests an alternative approach. Rather than delaying social security, he recommends that retirees start collecting benefits as early as possible, even if this means a smaller monthly payment. This strategy can help retirees build a more robust financial foundation earlier in their retirement years, creating more opportunities for travel, entertainment, and other activities. In conclusion, Piper's "The Long View" offers a valuable perspective on social security and the decision-making process surrounding when to start collecting benefits. He suggests that delaying social security isn't always the best choice, and individuals should consider their specific circumstances before deciding when to start receiving benefits. By taking a comprehensive approach to retirement planning, individuals can make strategic decisions that will help them lead a financially secure retirement. https://inflationprotection.org/mike-pipers-insight-on-social-security-delaying-the-long-term-implications/?feed_id=87291&_unique_id=643792f183c38 #Inflation #Retirement #GoldIRA #Wealth #Investing #etfs #funds #investing #morningstar #Stocks #SpousalIRA #etfs #funds #investing #morningstar #Stocks
Comments
Post a Comment