They say timing is everything. But when it comes to timing Social Security benefits, how much difference does it make? ► Announcing THE RETIREMENT ADVENTURE CLUB! We've launched an online membership designed to help you plan for retirement and connect with others who are asking the same retirement questions you’re asking right now. The Club will feature access to RightCapital financial planning software, a growing library of financial planning checklists, online courses, and regular access to me and the team during live-streamed office hours calls. Timestamps 0:00 - Timing Social Security 0:43 - Early application 2:31 - Delayed application 3:50 - Assumptions 5:02 - Assumptions: savings 5:33 - Results: Apply at 62 6:48 - Results: Apply at 70 8:32 - Results: Apply at FRA 9:15 - Other factors to consider 10:18 - Will Social Security survive? *** FREE GUIDE *** To learn more, visit our website: #pranawealth #patrickking #howtoretire #retirement #retirementplanning --- About Patrick King CFP® --- Patrick King is a fee-only financial advisor in Atlanta and the Founder of Prana Wealth. Over his career, Patrick has helped CEOs, all-star athletes, Grammy-winning artists, and many others build their wealth, retire sooner, and create a legacy. Patrick enjoys yoga, mountain biking, golf, travel photography, and Clemson football. Let’s connect: LinkedIn – PatrickBKing Facebook – @pranawealth Instagram – @pranawealth Twitter – @PranaWealth ---------- DISCLAIMER: This is a publication of Prana Wealth Management LLC. All opinions of the authors expressed herein are as of the date of publication and are subject to change. Any information presented herein is not an offer to buy or sell, nor a solicitation to buy or sell any securities or products mentioned. Any investment, tax, legal, or estate planning or information is to be considered general in nature and is not intended as personalized financial planning advice. Always consult a financial, legal, or tax professional regarding your specific situation. Different investments have varying degrees of risk and there is no assurance that they will be suitable for a particular person’s portfolio. Past performance is not indicative of future results. Prana Wealth Management LLC is a registered investment adviser in the state of Georgia and other states where it is excluded or exempted from registration requirements. Registration as an investment adviser does not constitute an endorsement from securities regulators. Prana Wealth Management LLC receives compensation from YouTube for the presence of advertising before, after, and during this video content. Prana Wealth Management LLC does not control the content or presence of any advertisements. The presence of any advertisement does not constitute an endorsement of the ad, company, entity, or product by Prana Wealth Management LLC. ---------- CONTENT DISCLAIMER: The views and opinions expressed through this media or in comments on this channel are those of the creators and do not necessarily reflect the views and opinions held by this channel's broadcaster. Due to the social nature of this channel, these videos may contain content copyrighted by another person or entity. This channel's owner claims no copyright to said content. The broadcaster of this channel cannot be held accountable for the copyrighted content. The broadcaster shares and strives to verify information, but cannot warrant the accuracy of copyrights or completeness of the information on this channel. Any copyrighted material shared on this channel is intended to be shared by Fair Use. If you have a complaint about the use of copyrighted material, please contact the broadcaster prior to making a copyright claim. Any infringement is unintentional and will be rectified to all parties' satisfaction....(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
Social Security Timing: Age 62 vs. 70 When it comes to planning for retirement, one important decision for many individuals is when to start receiving Social Security benefits. The age at which someone chooses to begin receiving these benefits can have a significant impact on their overall retirement income. The two most commonly considered ages are 62 and 70, each with their own advantages and disadvantages. Starting Social Security benefits at age 62 is the earliest possible option. Many people are enticed by the idea of receiving income at an earlier age, especially if they are facing financial challenges or are eager to retire. However, there are some important factors to consider before jumping at the earliest opportunity. One of the main drawbacks of starting benefits at age 62 is that the monthly payments are permanently reduced compared to waiting until full retirement age (FRA). FRA is typically between 66 and 67 years old, depending on the year of birth. For each year someone claims benefits prior to FRA, the monthly payment is reduced by a certain percentage. This reduction can amount to a significant decrease in income over the course of retirement. Another downside to claiming benefits at 62 is the impact it can have on the future surviving spouse's benefits. When an individual claims Social Security early, it can reduce the potential survivor benefit that their spouse may be entitled to in the event of their death. This reduction may result in a lower income for the surviving spouse during their retirement years. On the other hand, delaying Social Security benefits until age 70 has its own set of advantages. Firstly, the monthly payments are increased for each year someone delays claiming beyond their FRA. This can result in substantially higher income during retirement. The increase is typically around 8% per year, which can make a significant difference over time. Another advantage is the positive impact on the surviving spouse's benefits. When an individual delays claiming Social Security, the potential survivor benefit for their spouse increases as well. This can provide greater financial security for the surviving spouse in later years. Additionally, waiting until age 70 to begin receiving Social Security benefits can provide a buffer against longevity risk. If someone lives longer than expected, the higher monthly payments they receive can help address any financial challenges they may encounter in older age. Ultimately, the decision of when to begin receiving Social Security benefits is highly personal and should be based on an individual's unique circumstances. Factors such as health status, financial needs, and other sources of income should all be taken into consideration. It is important to weigh the pros and cons of starting benefits at age 62 versus 70 before making a decision. Consulting with a financial advisor can provide valuable guidance in determining the optimal timing for claiming Social Security benefits. https://inflationprotection.org/comparing-social-security-timing-age-62-versus-age-70/?feed_id=120653&_unique_id=64bee9e292925 #Inflation #Retirement #GoldIRA #Wealth #Investing #feeonlyfinancialadvisor #feeonlyfinancialplanner #financialadvisor #financialadvisorinatlanta #financialplanner #financialplannerinatlanta #FinancialPlanning #howtoretire #PatrickKing #personalfinance #PranaWealth #Retirement #retirementplanning #SpousalIRA #feeonlyfinancialadvisor #feeonlyfinancialplanner #financialadvisor #financialadvisorinatlanta #financialplanner #financialplannerinatlanta #FinancialPlanning #howtoretire #PatrickKing #personalfinance #PranaWealth #Retirement #retirementplanning
Comments
Post a Comment