In episode 4 of YMYW: are you doing your retirement all wrong? Joe and Al discuss recent Social Security changes and which claiming strategies you shouldn’t miss out on if you qualify (restricted application and file & suspend). Find out how you can make more informed decisions when incorporating Social Security into your overall financial strategies. The two finish off the hour explaining why working even one extra year can have a huge impact on your retirement.
1:59 “Money will have to last retirees a lot longer, so that’s longevity risk” 
7:29 “More older adults are retiring with outstanding debt”
11:32 “If you’re 62 and older before the end of last year, you could still file a restricted application—I’ll explain what that means in a second. Also, you have another deadline: April 30th: file for your benefits and then suspend them; these are the two things that are changing”
12:49 “The spousal benefit is half of the spouse’s benefit”
14:00 “This (restricted application) allows you to have some sort of income and still receive that 8% delayed retirement credit…so everyone who turned 62 before the end of last year—that still applies to you”
16:43 “No Social Security benefits are taxable in California—zero. You don’t pay California taxes on Social Security”
17:34 “Congress just got rid of a few Social Security claiming strategies this year, so the new rules make it more important than ever to make informed decisions when incorporating Social Security into your overall financial strategies”
18:44“Those final few years that you actually work make a big, big difference in the success or failure of retirement. Let me go over a few reasons”
18:55 “If you wait another year, your Social Security payments are going to be bigger. For every year that you wait, if you’re already age 66, you’ll get an 8% raise the following year”
19:15 “Another thing people don’t realize is that your Social Security benefits are based upon your 35 highest years of wages, and chances are your last year of working is a lot higher than some of your earlier years, so you have higher wages and higher benefits that way too”
23:40 “A lot of you, when you really sit down and look at your situation, it’s a little bit tighter than you might want it to be, so if you work an extra year or two it can make a pretty big difference in your retirement”
34:55 “There’s a lot of new things with the new tax bill that can benefit you from a permanent basis”
Listen to the YMYW podcast:
Amazon Music
AntennaPod
Anytime Player
Apple Podcasts
Audible
Castbox
Castro
Curiocaster
Fountain
Goodpods
iHeartRadio
iVoox
Luminary
Overcast
Player FM
Pocket Casts
Podbean
Podcast Addict
Podcast Index
Podcast Guru
Podcast Republic
Podchaser
Podfriend
PodHero
Podknife
podStation
Podverse
Podvine
Radio Public
Rephonic
Sonnet
Spotify
Subscribe on Android
Subscribe by Email
RSS feed
IMPORTANT DISCLOSURES:
Pure Financial Advisors is a registered investment advisor. This show does not intend to provide personalized investment advice through this broadcast and does not represent that the securities or services discussed are suitable for any investor. Investors are advised not to rely on any information contained in the broadcast in the process of making a full and informed investment decision.
• Investment Advisory and Financial Planning Services are offered through Pure Financial Advisors, LLC, a Registered Investment Advisor.
• Pure Financial Advisors LLC does not offer tax or legal advice. Consult with your tax advisor or attorney regarding specific situations.
• Opinions expressed are not intended as investment advice or to predict future performance.
• Past performance does not guarantee future results.
• Investing involves risk including the potential loss of principal. No investment strategy can guarantee a profit or protect against loss in periods of declining values.
• All information is believed to be from reliable sources; however, we make no representation as to its completeness or accuracy. As rules and regulations change, content may become outdated.
• Intended for educational purposes only and are not intended as individualized advice or a guarantee that you will achieve a desired result. Before implementing any strategies discussed you should consult your tax and financial advisors.
CFP® – The CERTIFIED FINANCIAL PLANNER™ certification is by the Certified Financial Planner Board of Standards, Inc. To attain the right to use the CFP® designation, an individual must satisfactorily fulfill education, experience and ethics requirements as well as pass a comprehensive exam. Thirty hours of continuing education is required every two years to maintain the designation.
AIF® – Accredited Investment Fiduciary designation is administered by the Center for Fiduciary Studies fi360. To receive the AIF Designation, an individual must meet prerequisite criteria, complete a training program, and pass a comprehensive examination. Six hours of continuing education is required annually to maintain the designation.
CPA – Certified Public Accountant is a license set by the American Institute of Certified Public Accountants and administered by the National Association of State Boards of Accountancy. Eligibility to sit for the Uniform CPA Exam is determined by individual State Boards of Accountancy. Typically, the requirement is a U.S. bachelor’s degree which includes a minimum number of qualifying credit hours in accounting and business administration with an additional one-year study. All CPA candidates must pass the Uniform CPA Examination to qualify for a CPA certificate and license (i.e., permit to practice) to practice public accounting. CPAs are required to take continuing education courses to renew their license, and most states require CPAs to complete an ethics course during every renewal period.
