When Should You Take Social Security? What You Need to Know Before You Claim | The Finance Things in Life

When should you start taking Social Security?  At 62?  Full retirement age?  70?  And how could your decision affect your spouse, your retirement income, or even your long-term financial plan? In Episode 8 of The Finance Things in Life, Matt and Anthony sit down with Jim Pashalidis, a Registered Social Security Analyst and Medicare professional, for a candid conversation about some of the biggest questions people have when it comes to Social Security and retirement planning. They cover the basics of claiming Social Security, while also diving into the areas that can make the decision much more complicated—including spousal benefits, divorced-spouse benefits, working while collecting Social Security, your 35-year earnings history, longevity, break-even considerations, Medicare enrollment, and concerns about the future of Social Security. Most importantly, this episode emphasizes one major lesson: there isn't one Social Security strategy that works for everyone. Your age, earnings history, marital status, retirement assets, health and longevity considerations, and overall financial plan can all influence what makes sense for you. In this episode, you'll learn about: Why claiming Social Security at 62 isn't automatically the right choice  How waiting until full retirement age or 70 can affect your benefit  How working while collecting Social Security can affect benefits before full retirement age  How Social Security spousal benefits work  How one spouse's claiming decision can affect the other spouse  What divorced individuals should know about Social Security benefits  The importance of your 35-year earnings history  Why creating your Social Security account early can be valuable  Whether Social Security will still be there in the future  How retirement planning can reduce your dependence on Social Security  Why getting a second opinion or professional guidance can be valuable   Disclosure: The Pitti Group Wealth Management, LLC (“The Pitti Group”) is a registered investment advisor. Advisory services are only offered to clients or prospective clients where The Pitti Group and its representatives are properly licensed or exempt from licensure.   The guest featured in this podcast is not an employee or investment adviser representative of The Pitti Group. The guest's comments regarding Social Security and Medicare reflect the guest's own views and expertise. This podcast is provided for educational and informational purposes only and does not constitute investment advice and it should not be relied on as such. It should not be considered as individualized investment, financial, tax, legal, Social Security, or Medicare advice. Social Security and Medicare rules are complex, subject to change, and may vary based on individual circumstances. Information regarding Social Security and Medicare should be verified with the applicable government agency or a qualified professional before making any decisions. Any examples, projections, or illustrations discussed are hypothetical and based on assumptions that may not reflect actual results. There is no guarantee that any particular strategy or planning outcome will be achieved.  If you enjoyed this episode, like, subscribe, and follow The Finance Things in Life on YouTube, Spotify, and Apple Podcast so you don't miss future episodes.  The Pitti Group Wealth Management | Headquartered in Victor, NY | Serving you across the globe | thepittigroup.com