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When does it make sense to begin taking Social Security?
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.
Facebook: Devin Carroll
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
Ever wonder if there were a way to capitalize on all of that online chatter made by millions of investors on social media? Well, your wait is over, because now advances in Artificial Intelligence and Natural Language Processing technologies are at your fingertips…. even if you personally don’t use social media! The BUZZ Index, licensed to an exchange-traded fund and trading under ticker symbol BUZ, provides investors with a portfolio of securities that delivers a basket of large-cap U.S. equities exhibiting the highest degree of positive investor sentiment. No surveys. No guessing. BUZ only tracks what’s volunteered – and if you ARE online, you know that a lot of information is volunteered: millions of posts, comments, and blogs are analyzed each month!
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.