Episode
Ep 17 - Decoding Social Security for Retirement Planning
- Published
- Aug 27, 2025
- Duration seconds
- 1420
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Summary
Wondering how to navigate the world of Social Security? Join financial advisors Jeb, Ethan and Eric as they tackle one of the most critical topics for retirees. This episode provides a clear overview of how Social Security works, from eligibility requirements and the Full Retirement Age to the often-overlooked spousal benefit. They offer valuable insights into the pros and cons of claiming social security early versus late. The hosts also address the big question on everyone's mind: what is the future of Social Security? Tune in for expert advice regarding this essential component of your retirement planning. IN THIS EPISODE: (00:00) Opening (02:50) Social Security is funded through FICA taxes paid by employees and employers (04:43) Concerns about the stability of social security in the future (08:36) Rules for eligibility, full retirement age and how the benefit is calculated (12:30) Discussion of spousal benefit and Social Security income could be considered taxable (15:19) The break-even point of taking money out of the system and portfolio value (20:05) Use the SSA website to print your Social Security statement and share it with your financial advisor KEY TAKEAWAYS: Social Security Basics: The program is funded by payroll taxes, requiring 40 work credits for eligibility. Benefits are based on your 35 highest-earning years, with a full retirement age that varies. A spousal benefit ensures a lower-earning spouse can receive up to 50% of their partner's benefit. Claiming Strategy Matters: Claiming benefits early at age 62 results in a permanent reduction, while waiting until age 70 provides a higher monthly payout. The best claiming strategy depends on individual health, longevity, and its impact on your total investment portfolio. The Future…