The Social Security Timing Mistake That Could Cost You Hundreds of Thousands

Hosted by MJ “Todd” Schmidt together with Steve and Elizabeth Holland of The Holland Group Retirement Wealth Advisors, this episode of Retirement Success dives into one of the biggest—and most overlooked—retirement decisions people face: when to claim Social Security. Many retirees claim Social Security too early without fully understanding how that decision can permanently reduce their lifetime income. In this episode, Steve and Elizabeth explain why timing matters, how delaying benefits can significantly increase your retirement paycheck, and why there’s no “one-size-fits-all” strategy when it comes to Social Security planning. In this episode, they discuss: • Why claiming Social Security at 62 versus 70 can create a massive difference in lifetime income • How delaying benefits could increase your Social Security check by more than 75%• Why there’s no universal strategy for claiming Social Security• The emotional and financial mistakes people make when claiming benefits too early• How health concerns, longevity, and job loss affect Social Security decisions• The “Delayer’s Advantage” and guaranteed 8% annual growth until age 70• Spousal and survivor benefit strategies that can protect household income• Hidden tax planning opportunities between ages 62–70• How market downturns can impact retirement income strategies• Why Social Security planning should work alongside tax, investment, and estate planning• The importance of working with retirement income specialists—not just general advisors• Common Social Security mistakes that can quietly cost retirees hundreds of thousands of dollars If you’re approaching retirement and wondering when to take Social Security, this episode provides critical insights to help you avoid costly mistakes, maximize your income, and build a stronger retirement plan. 📞 Call today for a complimentary retirement review: 727-228-6449🌐 askthehollands.com