Financial Sobriety
Financial Sobriety
Episode 113: Social Security Simplified. Capturing Your Millions.
Episode 113: Social Security Simplified. Capturing Your Millions.
Episode 113: Social Security Simplified. Capturing Your Millions.
Tuesday 31st October 2023
Jim and Beth Gebhardt explain how to maximize Social Security benefits, offering strategic advice for a secure retirement in this episode of Financial Sobriety.
48 minutes
Informative
Empowering
Insightful
Thought-provoking
Educational
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Episode Overview
- The episode explores the complexities of Social Security and its impact on retirement planning
- Insights are provided on maximizing Social Security benefits and the significance of deferring Social Security
- Considerations for pensions, annuities, and the impact of government pension offset are discussed in detail
- Listeners are guided through a strategic approach to navigating the intricate landscape of retirement planning
- The episode emphasizes the importance of evaluating various factors influencing retirement income and optimizing lifetime income
So somebody that didn't take their Social Security last year because they were at full retirement age and they deferred, they got an 8.7% COLA behind the scenes and the 8% bump. It's critically important because of how much that can snowball. you go in and you look at this and whether you do your own planning or you work with an advisor, that you bring this up because that is a guaranteed 8% return from the Social Security Administration. There is nowhere else on earth that you can have that kind of a guaranteed return.
Ever thought about how much you could gain from Social Security as a married couple? You might be sitting on a lifetime benefit of over $2 million! In this episode, hosts Jim and Beth Gebhardt break down the often-overlooked potential of Social Security benefits. They dive into the details, explaining how a guaranteed 8% return from the Social Security Administration can significantly boost your retirement income.
But it's not just about the numbers; understanding the Cost of Living Adjustment (COLA) and its impact is crucial for your retirement strategy. Whether you're married, single, or divorced, this episode has something for you. The Gebhardts explore different scenarios and options, including the benefits of waiting to claim Social Security and how modern software can help you plan better. They also discuss specific considerations for teachers in California and government employees, highlighting how pension offsets can affect survivor benefits.
This episode isn't all serious talk—Jim and Beth manage to keep things engaging and relatable, making complex topics easy to understand. If you're nearing retirement or just starting to think about it, this episode is packed with practical advice and insights that can help you make informed decisions about your future. Don't rush into Social Security without listening to this first!