S2E4: Retire Wealthier: Expert Tips on Social Security Timing, Taxes, and Investment Risk
Are you approaching retirement and wondering how to make the most of your hard-earned savings? In this information-packed episode of the Road Rules for Retirement Show with Mark Fried, we dive deep into the crucial elements of building a secure and fulfilling retirement.
First, we unravel the complexities of Social Security, revealing why timing is everything when it comes to claiming your benefits. Discover how delaying your claim can significantly boost your monthly income and learn about the various claiming options available for single, married, divorced, and widowed individuals. We highlight the potential pitfalls of making uninformed decisions and stress the importance of seeking professional advice to navigate these choices effectively. Learn about the power of delaying your claim, potentially increasing your payments by over 30% by waiting until age 70. For married couples, we explore the strategic advantages of coordinating your claims to maximize your combined benefits. We also tackle the often-overlooked topic of taxes on Social Security benefits and why understanding this is vital for your overall retirement income plan.
Next, we shift our focus to controlling your retirement tax burden. Gain valuable insights into tax-efficient withdrawal strategies, including the optimal order for accessing different retirement account types to minimize your tax liability. We emphasize the importance of knowing your retirement number and provide guidance on estimating your future spending needs, suggesting the proactive step of living on a retirement budget before you retire.
In today’s climate of market uncertainty, we underscore the significance of diversification and a well-defined income strategy to maximize your retirement income while effectively minimizing risk. Finally, we provide a roadmap for transitioning smoothly into retirement, outlining key steps to take in the crucial five years leading up to this major life change, including detailed financial reviews and planning for both Social Security and Medicare.
Ultimately, this episode empowers you to take action now for a secure future. We consolidate the essential elements of a successful retirement plan, emphasizing the critical roles of optimizing your Social Security benefits, strategically managing taxes and investment risk, and recognizing the invaluable support of professional financial guidance. Don’t leave your retirement security to chance – tune in and learn the road rules for building your best retirement!
Special Offer:
Ready to take control of your retirement? Enroll in Mark Fried’s Retirement Masterclass to build your own customized financial roadmap. Visit WhenCanIRetire.us and use coupon code RRFR2024 for a special discount.
Why Listen?
If you’re nearing retirement or already retired, this episode offers actionable advice to help you protect your savings, manage taxes, and ensure your money lasts. Tune in now and start building the retirement plan you deserve!
