This second hour of the podcast is about understanding the tax impact of your portfolio and retirement accounts. Learn some common claiming mistakes people make so that you can better understand when the best time is to claim your Social Security benefits. Joe and Al have a discussion with guest Mary Beth Franklin on what the best creative claiming strategies are. These include the file and suspend strategy and filing a restrictive claim for spousal benefit strategy.
4:13 “Start saving today because whatever you save now can multiply and change the character of your retirement”
12:02 “Just a couple days ago the U.S. House of Representatives held a floor vote and voted to repeal the Estate Tax”
19:40 Start of Conversation with Mary Beth Franklin
20:14 “As most people know, yes you can claim Social Security benefits as early as age 62, but if you do that, your benefits will be permanently reduced for the rest of your life and you will not be able to use the creative claiming strategies [which I will describe] which could mean the difference of $100,000 or more over the lifetime of a married couple”
20:47 “If you wait until age 66 to claim, you would not only get your full social security benefits, but you could engage in these creative claiming strategies that could significantly increase your retirement income
21:38 “The average American could boost their retirement income by 76% if they claimed benefits at age 70 instead of age 62”
37:46 “What do you do with your money? How do you make your money work for you? You need to get serious about a plan”
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