MTI131: Successful Retirement & Social Security

When does it make sense to begin taking Social Security?

Age 62?

Age 67?

Even later?

Devin Carroll CFP® joins us to discuss the timing and situations when it makes sense to wait and some situations when it makes sense to take it early.

On average, a retiree gets about 40 percent of their income for Social Security. The average social security benefit in 2016 for a retiree was $1,362. Devin estimates one could lose 30 percent of their benefits by retiring early at age 62, but filing at age 70 could get you a 24 percent increase over the full retirement age of 67.

His advice is to make sure the date you file is part of your overall financial plan that takes your tax situation and all your other accounts into consideration.

Today’s episode is sponsored by BUZZ Index

 

 

 

 

Today’s guest, Devin Carroll

Devin is a CFP® and specializes in helping individuals navigate their way into a successful retirement.

Website: SocialSecurityIntelligence.com
Podcast: BigPictureRetirement.net
Facebook: Devin Carroll
Twitter: @devinacarroll

Today’s Panelists

Linda P. Jones | Be Wealthy and Smart
Miranda Marquit | Planting Money Seeds
Joe Saul-Sehy | Stacking Benjamins
Amanda Abella | AmandaAbella

For a quick bio of each of our show participants, head on over to our panelists page.

Send us your questions for a future Listener Letters episode

 

About our sponsor, BUZZ Index

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Here’s how it works:. First, BUZZ targets the most mentioned large cap U.S. stocks across the Social Media landscape. The more active the conversation, the greater the reliability of the BUZZ.

Each of the most-mentioned stocks is then given an insight score based on BUZZ’s proprietary analytics and the 75 stocks with the most Bullish scores are included in the Index. Each month the BUZZ is tracked to capture the latest Big Data driven insights and then the 75 companies with the most Bullish scores are selected, positioning BUZZ to capture the highest return potential.

Invest in the wisdom of crowds. Visit MoneyTreePodcast.com/BUZZ for more information.