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Are you ready for retirement more importantly where you have enough money to retire comfortably social security it has become a cornerstone of retirement planning for many people but its benefits they can vary widely depending on when you choose to start receiving it well here to help us sort it all out as dave jones he’s a financial advisor for desert schools
Financial services good to see you try to be back no i the question everybody i’m going to start with what is social security we hear that term a lot what is it well social security was created in 1937 after president franklin delano roosevelt passed the social security act in 1935 the intent was to be able to provide retirees with some income once they reach
Retirement ok so a lot of people out there working longer now than they did years past so what if i plan on working through retirement what are my benefits what’s the difference in benefits if i if i take social security at 62 versus my full retirement age they can be substantial meaning full retirement age for most people ranges either between 66 and 67 depending
On what year you were born so if you take benefits early you’re going to get a reduced amount as much as twenty five to thirty percent less than if you wait to your full retirement air time wow that’s the hit and then also if you continue to work in retirement you got to be careful in a sense that your benefit could be reduced if you earn too much money before
You reach full retirement age so it sounds like there’s a lot of advantages then to waiting absolutely number one not only for yourself because you get an increase for every month you actually delay your retirement and so even if you wait until either for retirement age or beyond because you can delay your retirement benefit all the way up until age 70 and so even
By stretching it out that far you’re improving or increasing the benefit that you’ll receive as well so some people i mean you know we just said a lot of people are working later you know because they just have to they just don’t have their their ducks in a row but for those who do have their duck in a road there there might be right now wanna see you might not
Want to pull it out quite as quickly that that’s true depending on your your family history of longevity there might be a big factor depending on your other source of income what other planning you’ve done you know retirement planning pension savings these are all important as well because it’s really social security should only replace usually in place is about
Forty percent of your presence should not be when we’re doing our retirement planning it shouldn’t be at the top of the list it should be at the bottom of the list when it comes to retiring comfortably so how will how do my social security decisions really impact my spouse’s benefits good question very important whether that’s your current spouse a divorced spouse
Depending how many years you are married but it can dramatically affect it in the sense that if you take your benefit early i always affect your benefit but it could reduce your spouse’s benefits so again for your loved ones i would encourage you delaying it at least until full retirement or even beyond is going to help your spouse not only for their own benefit
Because they can get up to half way your benefit or their full benefit but upon your death especially the men if you you know pre-deceased your wife by you delaying they’ll be able to pick up your full benefit if it’s greater than their it’s it’s kind of confusing we admit that and there’s a big social security seminar coming up that may help clear some of this
Up well next month we are having an event i think for anybody whether you’re a member or even a non-member of desert schools we encourage you to call us come by for those people that are approaching 62 and they have a lot of questions maybe in their 50s please come by we love to have you it’s going to be very information bring your notes bring your portfolio or
Whatever you need to do thank you so much dave you’re always so great with your information here’s some more information about that free social security seminar that dave is just telling us about it is on saturday june eleventh it’s from ten in the morning until eleven thirty in the morning this will be at the desert school scottsdale branch that’s at 8220 a via
Paseo del norte i’m hoping i’m saying that right rsvp call 602 336 5531 you can also go online for more information desert schools fs com
Transcribed from video
Desert Schools Financial Services explains differences in Social Security benefits By ABC15 Arizona
