Understanding Social Security

ABOUT THIS EPISODE

You're put money into Social Security for years. What's the best way to get it out without jeopardizing your future income? Listen to this episode to learn the many options you have and what steps you should take to maximize your Social Security benefits in retirement.

And welcome to the pudding, ourretirement interest, first podcast with financial expert and never wone, Amazon,Best Sellin author Robert Cannon, each episode features healthful insidepractical tips and reliable strategies to help make Yo retirement as enjoyableas possible for the next few minutes enjoyed listening as cohost BethanyeDilson toss with Robert Cannon about putting your retirement interests firt. Once again, I am joined by RobertCannon. Robert is the author of putting your retirement interests. First, it'sa prioritizeepproach to protect your future and turn your dreams into areality. You can buy it on Amazon Robert. Thank you so much woul be withme again. Thank you appreciate it so this week, will we talking about theSocial Security Shield? That's a little bit of a time to Mr Forny, but it seemslike just talking with you a lot of...

...times. People Maye work at the same jobfor thirty forty years. They build up all of these social security benefits,but then, when the time comes for them to claim them a they don't know where to start. Theydon't know what the right agees. So what are some first steps that a clientor someone even watching or listening could take to be smart about theirsocial security benefits? So it's very confusing. This is a veryconfusing topic and a lot of times, people just wing it or they'll they'llsay I can get money at sixty two years old. Let me take it or let me just take.I US sixty five and it's not. Some arbitrary number is, in my opinion, inaddition to there's a mathemetical process that wecan go through. We have to look at your lifestyle and you know there's a lot offactors that actually go into this decision. We have to look at if you'regoing to work. We have to look at...

...your current assets. So there's a lotof moving parts here. We can figure it out, but it's not something that youjust arbitrally pick a number. You know I'm going to take retirement age or I'mgoing to take preretirement age or foll retirement when you need to actually dothe calculation and figure it out. So we're not going to make a mistake a lotof times in retirement as in social security. You only get one opportunityto get at right, so it's very important that you seek the person. They have afull understanding of social security to make sure that we're going to makethe right decision together. What are some some other factorsoutside of someone's age that should should kind of cause them to thinktheyr reflect on when they need to take their social security. You know something which is reallyimportant. Sometimes people retire right and they tey. Oh I'm going totake my SE SECURITY BOT. I'm going to continue to do part time work now.That's something that you really have to consider. How much work are you? Youknow how much money you're going to...

...make in your second job and we have todo the calculation on that to make sure that is worth it. So that's somethingimportant! It may be better just to work, put off the social security ortake the social security and not work, and sometimes we can do both, but we'lldo the calculation together and a lot of times people they don't make thatdecision, that they don't make the right decision. They just point it, andthis is not something you can wait. You need a true professional to help. Younavigate this complicated process and people make the mistake all o the timeof just winning. I you just you can't so this is something that you reallyneed to seek out a professional to figure out. When should I takemyselfial security? Well, and I love what you brought upearlier- that you know you only really retire once, hopefully, you only takesocial security once like when you,...

...when you do it, you need to make surethat you're doing it for the right reasons at the right time. Have youseen with the different clients that you've interrapted with? Have you seenpeople take it at the wrong time and people take it the right time absolutely and it's very upsetting honestly and honestly, once you explain it to them,you show them the mistake that they made and there's nothing they can do, andhis very disheart is. It's honestly. I think that's why I love what I do forliving, because I really help people figure out a right decision and ad, notguess we're going to actually make the right decision to figure figure it outtogether and that going through that process, making them feel comfortable.Making them understand that they're making the right decision just notwinging it, because when they see that...

...they made the wrong they elected to take social security atthe wrong time, just looking at their face, it's ust very as very upsetting. So Why d? What should someone do ifmaybe they did take social security at the wrong time? How do they get out ofthat ness? How do they? How do they move forward and make better decisionsthis? This is the reality before you're going to make that decision reach outto a professional who has ample experience navigatingthat process. Oh we're here, it's free reach out to US wi'll go through thet.Well, let you know when it's the right age, no obligation, you don't have todo business with us, but at least you speak you're, going to speak to anactual expert is going to help you you know for the process. Now, I'm not the expert here. Obviously,but the way I understand it, social...

...security between a husband and wife oryou know, couple is kind of one or the other. You can'thave both so what decisions or what questions I should say, should a coupleask when they're thinking about spousal benefits and just the future for one of them with social security.What questions do they need ask? So it's funny that you mentioned thatninety eight percent of the people make a mistake when they do on spousialbenefits, so there's so many moving parts when itcomes to that, I'm afraid to even give any ote advice when it comes to thatthe best thing to do. You know if you're making that decision regardingspousal benefthires, the social security benefits is seek out ofanother professional and you get. Your numbers will have an hour. Conversationwell sit down and we'll look at the the different options and we'll figure itout together no obligation. But let's...

...make the right decision for you well, and it really does sound likeKayf what we've talked about before it's about seeking out help from aprofessional. I feel like what often happens is people get? You know, advicefrom their neighbor and advice from their cowork or they'll reach out tomaybe a tax professional, but not someone. That's well versed in all theINS and outs of finances and that's where maybe well intentioned people cankind of lead. You astraiy right, Arey, very, very important, I've Heredt allthe time. Well, my uncle told me to take it as sixty two or I spoke to myaccountant, and he told me that I can start you know taking money at sixtyfive, an that's great but unfortuarely, your uncles, not the expert and yourAccountan is there to do taxes so very, very important point, and Itell people all the time it's only going to take thirty fortyfive minutes. Let's figure this out.

This is a indecision. Just put a littleeffort into t is a you: Don't have to worry about it. Just we check off thatbox and its taking e carof. That's it well. I think a small step in the rightdirection is to pick up a copy of your book. It's by Robert Cannon D, it'scalled putting tyeu retirement interests. First, a prioritizedapproach to protect your future antering, your dreams into a reality.Rober you books, available and Amazon be sure to go and pick up a coffee.Thank you, someone for being with me again this week. I appreciate it. Thankyou very much. I appreciate it thanks for listening to the puttingyour retirement interest. First podcast with financial expert and number oneAmazon, Bestelin author Robert Cannon to request a copy of Robert's bestselling book or to have a conversation with him about your financial futureconnect with Robert through his website cannon wealth, solutionscom.

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