Best tips on how to maximize your social security benefits (#318)

Financial Advisors Say The Darndest Things

In this episode of Financial Advisors Say The Darndest Things, host A.B. Ridgeway dives into the intricacies of Social Security benefits and how to maximize them. Joined by CNBC's Senior Personal Finance Correspondent, Sharon Epperson, the discussion covers when to start collecting Social Security, understanding your full retirement age, and why Social Security should be viewed as a supplement to your retirement savings rather than a golden parachute. Sharon provides actionable steps, such as visiting ssa.gov to set up a My Social Security account and ensuring your earnings record is accurate, so you can make informed decisions about your benefits.

Key Takeaways:

1. Understand Your Full Retirement Age: Knowing your full retirement age (FRA) is crucial, as it impacts the amount of Social Security benefits you receive. For those born between 1943 and 1954, the FRA is 66, while it's 67 for those born after 1960.
2. Timing Matters: You can start collecting Social Security as early as age 62, but your benefits could be reduced by up to 30%. Delaying benefits until age 70, however, can increase your monthly benefit by 8% each year you wait.
3. Verify and Correct Your Earnings Record: Regularly checking your earnings record on ssa.gov is essential to ensure that all your income is correctly reported. Any discrepancies should be addressed immediately to avoid lower-than-expected benefits.

Memorable Quotes:

1. "Social Security isn't meant to be your golden parachute; it's designed to be a supplement to your retirement savings." — A.B. Ridgeway
2. "You can start taking Social Security at 62, but remember, it could be reduced by as much as 30% if your full retirement age is 67." — Sharon Epperson
3. "Talk to a financial professional about how to coordinate Social Security with your other retirement plans. This isn't something you should navigate alone." — A.B. Ridgeway

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Video/audio credit: YouTube