Misusing Social Security Wipes Out Your Extra Capital

Send us Fan MailShownotes can be found at https://www.profitwithlaw.com/525.Nearly every law firm owner focuses on retirement– but many are leaving tens of thousands of dollars on the table because they mismanage Social Security.In this episode of Profit with Law, host Moshe Amsel sits down with retirement income planning specialists and authors Michael Hoeflich and Russell Gaiser to reveal how misusing Social Security can wipe out your extra capital. Drawing from their book Beyond Break Even, Mike and Russ show why Social Security decisions must be at the center of your financial plan– not an afterthought.If you want to protect your wealth, maximize your legacy, and avoid costly mistakes, this conversation is your roadmap.Chapters:[00:00] Why social security planning matters for your law firm clients’ retirement[06:05] Discover the cornerstone of retirement income planning for attorneys[11:59] Five pillars every lawyer must consider when planning retirement income[13:46] Avoid running out of money: key strategies for your clients’ retirement[17:11] How timing social security impacts taxes for law firm owners[20:06] Reduce your firm’s tax burden with social security strategies[24:33] Maximize spousal and survivor benefits for married attorneys[26:40] Coordinate retirement accounts, pensions, and life insurance with your practice goals[30:26] Rethink legacy planning: transfer wealth during your lifetime[33:24] Empower your clients with abundance-focused retirement strategies[38:08] Learn how to access free social security optimization tools for lawyersResources mentioned:Law Firm Growth WorkshopTake the Law Firm Growth Assessment and find out how you rate as a law firm owner! Check out our Profit with Law YouTube channel!Learn more about the Profit with Law Elite Coaching Program hereConnect with Russell Gaiser and Michael Hoeflich: Website | Russell’s LinkedIn | Michael’s LinkedInBeyond Break Even (Book): beyondbreakevenbook.comJoin our Facebook Community: https://www.facebook.com/groups/lawfirmgrowthsummit/To request a show topic, recommend a guest or ask a question for the show, please send an email to [email protected] with Moshe on:Facebook - https://www.facebook.com/moshe.amselLinkedIn - https://www.linkedin.com/in/mosheamsel/