May 23, 2019
In episode 158 of Financially Simple, Justin takes a look at when you should start claiming on your Social Security.
As retirement approaches, you might feel like claiming on your Social Security early or even take early retirement; or you might decide to keep working at your business and make the most of your Social Security once you do reach retirement age. Justin goes over some considerations you should have before deciding one way or the other.
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01:08 - When Should a Business Owner Start Social Security?
02:23 - The Three Ages of Social Security
02:33 - Full Retirement Age
03:48 - Early vs. Delayed Benefit
06:09 - Taxation of Early Benefit
08:09 - Claiming on Your Spouse’s Early
10:03 - The Key Thing to Consider
12:09 - What is the Latest You Can Take it?
13:01 - Why is it Such a Big Deal?
14:23 - A Case Study for the Analytically-Minded
18:24 - So When Should You Start Collecting Social Security?
19:29 - When Should you Take Social Security at 70?
20:41 - Wrap Up
The Financially Simple podcast provides information, guidance, and support to Small Businesses in the United States. Host Justin Goodbread is a serial entrepreneur, CFP (Certified Financial Planner), CEPA (Certified Exit Planning Advisor), CVGA (Certified Value Growth Advisor), Investopedia Top 100 advisor, and business strategist with over 20 years of experience. Justin owns Heritage Investors LLC, a registered investment adviser with the State of Tennessee. Heritage Investors only transacts business in states where it is properly registered or is excluded or exempted from registration requirements. This material is for general information only and is not intended to provide specific advice or recommendations for individuals. To determine what is appropriate for you, please consult a qualified professional.