Understanding Social Security and How You Can Maximize Your Benefit

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 26 January 2021

⏱️ 17 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Our topic on this episode of the Ready for Retirement podcast is about understanding social security and what you can do to maximize your benefit. Questions discussed: When should I collect Social Security based on my age and work experience? How is Social Security calculated? What percentage of my income in retirement should be funded by Social Security? What are the pros and cons of collecting Social Security before and after full retirement age? Are you ready to start focusing on the thing...

Transcript

Click on a timestamp to play from that location

0:00.0	Discover the tips and strategies that will help you achieve your retirement goals.
0:09.3	I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.
0:14.6	It all starts right here on Ready for Retirement. for retirement.
0:29.0	Hi, everyone, and welcome back to another episode of Ready for Retirement.
0:30.2	I'm your host, James Knoll.
0:33.3	Today, what we're going to be talking about is Social Security.
0:36.8	And we're going to be talking about both how to maximize Social Security and really to understand how to maximize it.
0:37.9	We need to have a good basic understanding of how Social Security works and how it's calculated.
0:42.2	So we're going to go into an overview of how Social Security is calculated and then how you can max your benefits.
0:47.4	And this is important because if you're retiring or if you're planning for retirement, oftentimes Social Security, it's not going to represent the entirety of
0:54.9	your retirement income, but a good claiming strategy and understand how you can maximize
0:58.8	social security can greatly enhance your retirement. And it can greatly enhance the income you
1:04.2	can expect, the sustainability of your portfolio, the peace of mind you're going to have in
1:08.9	retirement knowing that you've got different sources of income. So what we're going to be doing today again is we're going to have in retirement knowing that you've got different sources of
1:11.0	income. So what we're going to be doing today again is we're going to look at how is social
1:15.4	security calculated. How does it work? And then how can you maximize your benefits? So let's jump in.
1:21.7	Social security, it is funded through taxes. Now, it's not just regular income taxes. You know,
1:27.1	when you file taxes, you pay federal taxes, you pay state taxes. Now, it's not just regular income taxes. You know, when you,
1:27.5	when you file taxes, you pay federal taxes, you pay state taxes. And those go to fund various
1:32.4	government projects or programs, but Social Security is not one of them. Social Security and
1:37.4	Medicare have a special tax. You might hear it called payroll tax. You might hear it called FICA
1:41.2	taxes, but they are funded through payroll taxes.
	...

Transcript will be available on the free plan in -1526 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from James Conole, CFP®, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of James Conole, CFP® and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.