Timing your Social Security retirement benefits can depend on several factors. Here’s a quick primer on when to take Social Security. Click here to find out your Full Retirement Age (FRA): Click here for the Social Security Retirement Benefits Estimator: Click here for the Social Security Benefits Calculator: To learn more, visit our website: *** Free Guide *** #pranawealth #patrickking #howtoretire #retirement #retirementplanning #socialsecurity --- 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)
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When To Take Social Security Benefits: A Matter of Timing Social Security benefits are a crucial aspect of retirement planning for millions of Americans. They provide a steady source of income during your golden years and help ensure financial stability. However, deciding when to start taking your Social Security benefits can be a daunting task, as the timing can significantly impact the amount you receive throughout your retirement. The full retirement age (FRA) for Social Security benefits is typically 66 or 67, depending on the year of your birth. While you can start receiving benefits as early as age 62, your monthly payments will be reduced compared to waiting until your full retirement age. On the other hand, delaying your benefits beyond your FRA can result in increased monthly payments. Here are a few factors to consider before making the decision: 1. Financial Needs and Health: Assess your financial situation and health condition. If you're in good health and have other sources of income to meet your needs, waiting until your full retirement age or even beyond could be beneficial. By doing so, your monthly payments will be higher, providing a more comfortable retirement income. However, if you are in poor health or have an urgent financial need, claiming benefits earlier may be the right choice. 2. Longevity: Consider your family's history of longevity. If you have a family history of living a long life, waiting to claim Social Security benefits can be advantageous, as it ensures a higher monthly payment for a potentially longer retirement period. Conversely, if your family history indicates shorter lifespans, claiming earlier may make more sense. 3. Spousal Benefits: If you are married, take into account your spouse's Social Security benefits as well. Depending on your individual circumstances, strategizing to maximize the combined benefits for both spouses may involve taking benefits at different ages. For example, the higher-earning spouse may delay benefits to increase their future monthly payments, while the lower-earning spouse claims benefits earlier. 4. Other Sources of Income: Evaluate any additional sources of income you may have, such as retirement savings or pension plans. Having alternative income streams can provide flexibility when deciding when to claim Social Security benefits. If you have sufficient savings or investments, it might be advantageous to delay benefits, allowing your Social Security payments to compound and grow. 5. Employment Situation: Consider whether you plan to continue working during retirement. If you claim Social Security benefits before reaching your full retirement age and earn substantial income from employment, your benefits may be reduced based on your earnings. Once you reach your full retirement age, there are no earnings limits, and your benefits will not be reduced regardless of your income. Ultimately, the decision on when to take Social Security benefits is a deeply personal one that should take into account your individual circumstances and goals. Consulting with a financial advisor can provide invaluable guidance tailored to your specific needs and help ensure you make an informed choice. Remember, each individual's situation is different, and what works for someone else may not be suitable for you. Weigh the potential benefits and drawbacks carefully, keeping in mind that maximizing your Social Security benefits is integral to achieving a financially secure retirement. https://inflationprotection.org/determining-the-optimal-time-to-claim-social-security-benefits/?feed_id=114451&_unique_id=64a5d363357f1 #Inflation #Retirement #GoldIRA #Wealth #Investing #feeonlyfinancialadvisor #feeonlyfinancialplanner #financialadvisorinatlanta #financialplannerinatlanta #FinancialPlanning #PatrickKing #PranaWealth #retirementplanning #whatagetotakesocialsecurity #whentotakesocialsecurity #whentotakesocialsecuritybenefits #SpousalIRA #feeonlyfinancialadvisor #feeonlyfinancialplanner #financialadvisorinatlanta #financialplannerinatlanta #FinancialPlanning #PatrickKing #PranaWealth #retirementplanning #whatagetotakesocialsecurity #whentotakesocialsecurity #whentotakesocialsecuritybenefits
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