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Thinking about when to start Social Security? Discover strategies that could boost your retirement income.
Elevate your understanding of Social Security with host Jeff Panik in this pivotal episode of ‘Between Life and Money: Finding Balance’. We uncover the critical role of the Federal Insurance Contributions Act (FICA) and its evolving impact on both Social Security. This episode meticulously addresses Social Security reforms, unpacks the consequences of early withdrawals, and offers strategic advice for maximizing benefits, empowering you to navigate your financial future with confidence.
Key Highlights:
- Historical Context of FICA: Discover the 1935 origins of FICA, established as a safeguard during the Great Depression, and explore how demographic shifts and longer life spans pose modern challenges
- Understanding Payroll Taxes: Learn about the influence of the payroll tax cap on your contributions and the debate over removing this cap to ensure Social Security’s financial stability
- Managing SSA Records: Explore the importance of maintaining accurate Social Security records through the SSA’s online portal, with a focus on verifying work history and benefit calculations
- Strategic Benefit Withdrawal: Assess the financial implications of initiating Social Security benefits at ages 62, 67, or 70, and understand how earning additional income can affect early withdrawals
- Couples and Social Security: Investigate strategies that allow couples to optimize their combined benefits, especially considering the potential long-term benefits for the surviving spouse
- Navigating Misleading Advertisements: Identify the difference between factual advice and misleading claims about increasing Social Security benefit
- Proactive Retirement Planning: Embrace the necessity of starting your Social Security planning 5-10 years before retirement, integrating it with other retirement income sources like pensions and IRAs
- And much more!
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