Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:00):
Here's what our attorneys make us say. We believe all the information we offer
on this program is factual and upto date. However, we cannot guarantee
its accuracy and you should not thinkof it as a complete analysis of the
subject's discussed. We are also notgiving you an offer to buy or sell
the investments we talk about. Allinvestments involve varying degrees of risk, and
we cannot guarantee any specific investment orstrategy will be suitable or profitable for your
portfolio. Always consult with a qualifiedinvestment, legal, or tax professional before
(00:23):
taking any action. You've worked hardand save for retirement, but remember it's
what you do with that money thatreally matters. How will you ensure that
you bring every nickel out of yourSocial Security benefits? Could you pay fewer
taxes in retirement? And how andwhen will you withdraw money from your IRA
(00:43):
or for a one K Welcome toSecured Retirement Radio with Joe Lucy of Secured
Retirement Financial jose Ah certified Financial Planner, fiduciary and a contributor to The Wall
Street Journal and as nearly twenty fiveyears of helping people just like you,
this is where you can count onstraightforward and objective advice on how to make
(01:06):
your money go further in retirement.And now here's your host, Joe Lucy.
Filing for Social Security sounds simple onthe surface. Percentage of your paycheck
goes into this Social Security when you'reworking, and well, when you retire,
you file for your benefits and everymonth you get a paycheck until you
(01:29):
pass away. But it's not thatsimple at all. You see, most
people don't realize this, but howand when you file for Social Security could
set off a chain reaction of eventsand that could needlesly cost you hundreds of
thousands of dollars in lifetime income.And even the most sophisticated investors, well
(01:49):
they make mistakes all the time,needles lee costing them a small fortune.
Welcome to Secure Retirement Radio. I'mDylan Maulberg, Financial Advisor. I have
Nate Zeller our Investments just with usthis morning, Ryan Dillon, financial Advisor.
We are all in for Joe Lucythis morning. Who's traveling and if
you're within five years of filing forSocial Security benefits, this is going to
(02:10):
be a great show for you today. When you file for Social Security,
your decision could trigger a chain reactionof events that could impact the taxes on
your benefits, taxes on your IRAor four to one k woodraws, the
taxes on other investment income, spousalbenefits, and even your Medicare premiums.
It could easily cost you tens ofthousands, if not hundreds of thousands of
(02:36):
dollars in lifetime income. So whenyou go to file for your Social Security
benefits, you need to consider alot more than just the amount of the
check. So coming up on today'sshow, we'll talk about the top five
misconceptions about filing for Social Security thatcould rob you of your hard earned savings.
Nate, Ryan, good morning,Good morning, Good morning, Dylan.
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Yeah, so let's start with thefirst myth, and that's that you
will not receive your benefits that theSocial Security Trust Fund goes broke. And
right now, there's really a problemand this is all over the news headlines
about Social Security and why it mightgo broke. And Ryan, maybe you'd
like to talk about this a littlebit. Yeah, and you know,
let's set the table here. Wedon't want to be scared tactics in today's
show, but we do want tojust you know, be honest with ourselves
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about social security. You know,there was a Forbes article here, let's
just talk about filing for social security. Forbes wrote an article a couple of
years ago that said the average personwill lose one hundred and eleven thousand dollars
for misfiling their social security. Andthe you know how that works out is
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we got to work together with ifyou're a single filer or you know,
you've got a spouse and got tomake those social securities work together. There's
maximization, which means you wait tillseventy that could be a plan. But
you know, if we work togetherand using your spouses or somebody else is
so security, not somebody else's yourspouse is sob security. Using them together,
(04:05):
really we talk about optimizing social security. Using them both together really can
work together, and it could bea great plan. Well, and we
look at the the optimization and there'ssome of these miss and misconceptions that are
out there, and really one ofthe biggest ones that we see as we're
sitting down with families here at securitytime of radio is well, I'm gonna
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file right away because social security isgoing to go broke anyway, And and
Nate. Really they don't think there'sany doubt that Social Security is Really what
they have is they have a mathproblem, right, They do have a
math problem. If you look atit. There's more people leaving the workforce
to retirement and are entering the workforce. And when Social Security was first established
way back during the FDR days,there was a lot more people in the
workforce supporting the retirees, and sothe math worked out a lot better.
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But that's completely flip flop today.So there's more money going out than that's
coming in, and so there isthis myth out there that the Social Security
Trust Fund will go broke. Butlet's think about the reality of this.
If you're a politician who is electedto office, do you really think that
you're going to allow the Solid SecurityFund to go broke? Or do you
think that there'll be some steps taken? And I would like to think that
there will be probably be some stepstaken regarding the math problem. Though the
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US Chamber of Commerce says that thereare one point four million fewer workers today
than there were just four years ago. In twenty twenty, Dylan talking about
that math problem, that's a lotof people out of the workforce. No,
it is, and I think alot of people think that just because
we end up not being able tofill all the checks, that all the
checks would stop coming, And thereality is is nate to your point,
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there's a lot of time yet forus to fix the problem. And you
know, in a world that maybethey don't, I mean, yeah,
your benefit checks could potentially be caught. I'd hear it's secure timent Radio personally,
don't think that is going to bethe case. Down the road,
they'll be. There's a lot ofthings that they can do to to correct
the issues. Whether they could raisepayroll taxes, they could increase retirement ages
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that there's a lot of things thatthey could do to help the math problem
that's here. And when it comesdown to it, you know, we
talk about taking it earlier, takingit later. You know, if they
do end up cutting benefits at somepoint in time, do you want to
get a benefit cut on a lesseramount of a monthly check or do you
want to get a cut on aon a higher check? Right, the
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still ends up coming to be amath problem. So regardless of what happens
with Social Security, we want tomake sure that we're planning around it.
And Ryan, like you said earlier, we want to make sure we're not
just looking at getting the biggest check, but how we optimize our benefits for
our current situation. Well, Dylan, to your point too, it is
about optimizing and then if yeah,so if you do have a higher number
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and the benefits are cut, thenyou would still be receiving that higher number.
So that's why it's so important.And the thing about social security is
this is an irrevocable decision that's made. You get one shot at it.
You can't take it, decide whento take it, take it, and
then decide to change your mind ina few years. So that's why it's
so important to sit down with aqualified advisor, really run through the analysis,
run through the numbers, take alook at everything else that's out there,
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because social Security will impact your taxes, you know, medicare, premiums,
There's a whole a lot of othervariables that go into it. And
that's why it is so important tosit down and when you make this decision,
put a lot of thought into it. It's not like Congress is going
to let this fund dry up.Though in conjunction with raising retirement age.
They're talking about a number of solutionshere, reducing the benefits, raising taxes
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on the benefits, creating a combinationof higher taxes and reduced benefits. If
we look at Social Security's history,I mean, raising taxes helped in the
past, but the tax rate isshot up fifty percent in nineteen eighty three
to eighty five percent of your fundsbeing taxed on Social Security. So boy,
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looking forward, guys, what's nextone hundred percent? Oh, it's
not a far leap to go.I mean, if I put my money
there, at some point, itgoes there. Ryan, what you're getting
at. As Congress has made movesin the has to shore up the Social
Security system, and given the levelof dependency that retirees have on Social Security
for their income and retirement, Iwould only expect that they make another step
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to shore it up again. Andif you think about it, would you
be upset if you lost one hundredand eleven thousand dollars in retirement income?
Now? According to Forbes, ninetysix percent of Americans, on average,
one hundred and eleven thousand dollars ofSocial Security income is what they forfeit.
A reality that anyone in the rightmind would like to avoid, and with
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the Social Security Trust Fund in asmuch trouble it is as it is,
and now it's never been more importantto ensure that you have the right strategy
that could help you get every pennyof income that's right for yours. Find
out how you could avoid losing tensof thousands, if not hundreds of thousands
of dollars in lifetime income with afree customized social Security analysis. Now,
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this social scurity analysis is get apinpoint exactly when you should file for your
Social Security, helping you get thebiggest benefit checks possible in retirement. It
also considers the impact on your taxes, spousal benefits, Medicare premiums, and
more so, this analysis looks atthe big picture which could get you the
most net income from Social Security,not just the most income from Social Security.
(09:22):
And if you have not filed forSocial Security, call us to schedule
your free analysis today at nine fiveto two seven seven seven eighty eight thirty
eight nine five to two seven sevenseven eighty eight thirty eight. Some advisors
are charging several hundreds of dollars forthis customized analysis. We're not going to
charge you a dime but we canonly offer this for the listeners this morning.
(09:45):
Nine five to two, seven sevenseven eighty eight thirty eight. That's
nine five to two, seven sevenseven eighty eight thirty eight. To schedule
your free social Security analysis coming upnext. Could you owe a big chunk
of money from Social Security in taxes? I'll share the ugly truth. We'll
share the other ugly truth when wecome back. That's Ryan Nate is with
(10:05):
us this morning. I'm Dylan Maulbergwill be back in just a few minutes.
He's a certified financial planner, fiduciary, and a contributor to the Wall
Street Journal, and he's no ordinaryJoe. You're listening to Joe Lucy on
Secured Retirement Radio. He's a certifiedfinancial planner, fiduciary and a contributor to
(10:28):
the Wall Street Journal. You maynot realize this, but he's kind of
a big deal. Welcome back toSecured Retirement Radio with your host, Joe
Lucy. You know you look atyour Social Security statement and the number is
right there, It's in black andwhite. But did you know that you
(10:48):
could end up paying taxes on asmuch as eighty five percent of your benefits?
Well, it's true, and sothe money you are counting on for
retirement could end up being a lotless than what you originally thought it was
going to be. Welcome back toSecure Retirement Radio. I'm Dylan Malberg,
financial Advisor. I've Ryan Dylan andNate Zeller in with me this morning.
(11:11):
We are in for Joe Lucy who'sout of town this weekend, and today
we're talking about the top five socialSecurity misconceptions that can needlessly cost you a
small fortune. And coming up inthis segment, what you could owe taxes
on up to eighty five percent ofyour Social Security benefits, plus what you
(11:31):
can do now that could reduce orpotentially eliminate these taxes altogether. Yeah,
a lot of people don't think abouttaxes and Social Security. In the first
part of the show, here weare talking about the Social Security Trust Fund
and what are some political and mathematicalequations here that could be looking us dead
(11:52):
in the face here moving forward,But yes, let's talk about taxes.
You know, the listeners here beenpaying into Social Security and as you and
I have well to have been payinginto soci Security Trust Fund ever since we
got our first paycheck. Between youand your employer, we've contributed to as
much as twelve point four percent ofyour earnings for what is likely boy four
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plus decades of us working. Butwhen it comes down to finally collecting your
benefits, uccle Sam is going toturn right around and tax you on it.
And, like you stated, Dylan, depending on your income and retirement,
you could be forced to pay upto eighty five percent of your Social
Security benefits and taxes. But ifyou're like most people, these benefits will
be the foundation of your income plan. So if you have to pay taxes
(12:41):
on eighty five percent of those funds, of that money, your benefits could
be a fraction of what you've countedon in retirement. Yeah, Ryan,
like you said, social Security isthe cornerstone for most people's income throughout retirement
when they're looking to replace those paychecksthat they earn during their working years,
and it comes as quite a shockthat they have to pay taxes on it
if you look at these tax ratesthat are set. This came about back
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during the Reagan years, so we'retalking in the you know, early to
mid eighties. What's that thirty fortyyears ago now doesn't hardly seem like it,
but it is, and at thetime, they thought, okay,
this is kind of a backdoor wayto you know, raise tax revenue,
not that Congress would ever do anythingsneaky like that to us, but we're
going to start tackling Social Security benefits. So they did this in the eighties.
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But what they haven't done is adjustedthis for inflation. And as we
all know, there's been a lotof inflation, especially recently, and it
was kind of benign for a numberof years, but over thirty or forty
years, So when this first cameout, it didn't affect that many people.
But now, because these limits havenot been raised, a lot more
people are paying taxes on their SocialSecurity and depending on what Congress decides to
do going forward, as we mentionedin our first segment, it could be
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even higher number. Well, andthose income limits that you talked about,
Nate anywhere from twenty five thousand toforty four thousand dollars, and if you
think back to nineteen eighty three,you know, if you had an income
of any are from twenty five toforty four thousand, you were probably doing
all right. And like you said, they haven't adjusted these these income limits,
(14:07):
say for forty years So when wewhen they originally started taxing Social Security,
there really wasn't a whole lot offamilies that were paying tax on Social
Security. But now after cost ofliving adjustments and everything else that's happened,
we find the majority of the familieswalking into our office that are going to
end up paying tax on some,if not up to eighty five percent of
their Social Security benefits, and thatthey start putting a plan together around how
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to avoid that or eliminate those potentialtaxes. Yeah, if you're not careful
on how and when you claim yourSocial Security benefits, you could trigger what
we kind of talk about here isthe tax torpedo. When your income from
your I RRA and your four Oone K and your Social Security benefits and
when all those investments get added up, you could be pushed into a higher
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tax bracket and be forced to payyou know, higher capital gains taxes,
higher marginal taxes, plus boy,the other tax as, the higher medicare
premiums. Well, along those samelines, Ryan, like you were talking
too. With this tax torpedo,what we need to talk about is required
minimum distributions from iras. There's anumber of families that we talk to that
come into our office and say,well, I'm not going to have to
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pay taxes. I'm going to takemy solid security. It's a lower number
and I'll be just fine. AndI have all this money stashed away in
IRA, but I just don't needthat to live off of. Well,
then lo and behold, uncle Samwants their chunk. We talk about this
frequently here in re Secured Retirement Radio, with these requirement minimum distributions that once
you reach age seventy three, you'rerequired to take money out of your IRA
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four one and four one K accounts. And what happens then is that counts
as taxable income and so then yoursolid security gets taxed and it kind of
creates the snowball. And Ryan,like you said, we call this the
tax torpedo. Well, and ohsorry, if you're listening this morning,
and maybe that sounds like familiar tosomething, maybe that's happened to you.
And then there's a lot of familiesthat come in our office that find that
out after the fact that you know, if we can do some proactive planning
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around how and when we take themoney out of the retirement accounts doesn't make
sense, Maybe that takes them outearly on in retirement to avoid having to
take more out later on when itcan start affecting these other sources of income
like Social Security. Because essentially whatends up happening is when you have to
start taking the money out of theseretirement accounts, whether you do it proactively
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or you reach a certain age whereyou have to take a required minimum distribution
at age seventy three, when theIRS says you deferred this money long enough,
it's time to start tapping in there. Not only do you find yourself
paying tax on the withdrawals from theiras and the four one case, we
actually get double tax because now you'regetting taxed on social scurity benefits that otherwise
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would have been completely tax free toyou if you didn't have to take that
withdrawal. Right, you guys,this isn't bad news. And there's It's
what we're talking about here today isopportunities. Come on in. There's proactive
planning that we can do to reduceor potentially even eliminate these taxes all together.
(17:03):
Come on in, come in andtalk to us about a tax smart
retirement plan. There are ways tobe proactive planning for filing for your benefits.
And adding in all the other partsof the recipe here with the I
rays and all the hard work thatour listeners have built with their I rays.
And for one case, well,you said, Ryan, it's not
all bad news. And I thinkthe first thing you have to look at
is with social Security and the reasonwhy we spend multiple shows and I don't
(17:26):
think there's a weekend that goes bythat we don't at least touch on it
for you know five to ten minutes, is it's a very tax efficient source
of income. If social Security wasyour only source of income that you didn't
needed in retirement, you woudn't Youwouldn't even have to file a tax turn
anymore. It would all be taxfree. It's only when these other sources
of income, whether it's IRA distributions, interest dividends, maybe there's some investment
(17:49):
income, when these start flowing throughand hitting the tax turn is when we
get that tax torpedo. So ifyou find yourself in that situation where maybe
you do have some other assets thatare out there that might be hitting the
tax return, today's there's not abetter time than today to start planning around
how to make sure that your SocialSecurity benefits are going to be as tax
efficient as possible for you in retirement. So now that you know that you
(18:14):
could pay taxes on up to eightyfive percent of your Social Security benefits,
and the money that you are countingon to help pay for your retirement could
end up being a lot less thanyou thought. That's the bad news.
But there are some simple strategies thatcan help reduce or even eliminate these taxes
so that you can keep more ofyour Social Security income in your pocket.
(18:38):
And that's why I have something specialjust for the listeners on today's show will
show you how you could reduce oreven eliminate the taxes on your Social Security
benefits. We're offering a free,customize Social Security analysis. And what this
analysis is going to show you isit's going to show you the strategies that
can help you save a fortune intax is exactly when to file for Social
(19:02):
Security and how to optimize your income, the key to getting more from your
spousal benefits. Plus if you're eligiblefor any of these other benefits that could
be out there that could add upto thousands of dollars every year. We're
gonna point those out to you aswell, and if you have not fought
you or your spouse have not filedfor Social Security, give us a call
this morning at nine to five totwo seven seven seven eighty eight thirty eight.
(19:26):
Nine five to two seven seven seveneighty eight thirty eight to schedule your
social Security analysis. This is gonnabe a turnkey solution that is going to
help ensure that you get the mostout of your benefits. We're not gonna
charge you a dime for it.Nine five two seven seven seven eighty eight
thirty eight. Give us a callthis morning, give us your information.
(19:49):
We'll make sure we turn your callon money. To schedule a time to
sit down with one of the advisorson the team here at Security Retirement Radio.
That's nine five to two seven sevenseven eighty eight thirty eight to schedule
your social Security analysis. Coming upnext. Should you delay filing for Social
Security to get a bigger benefits check? You may be surprised at the answer
(20:11):
when we come back, Ryan,Dylan Nate Zeller. I'm Dylan Mahlberg and
for Joe Lucy. This morning,we will be back with more Secured Retirement
Radio just after the break. He'sa certified financial planner for douciary and a
contributor to the Wall Street Journal,and he's no ordinary Joe. You're listening
to Joe Lucy on Secured Retirement Radio. Fasten your seat belts and put your
(20:36):
trade tables in an upright and lockedposition. It's another action packed segment on
how to make your money go furtherin retirement. You're listening to Secured Retirement
Radio. Most people don't realize this, but when you file for Social Security
could trigger a chain reaction of eventsthat could trigger higher taxes on your benefits.
(21:00):
Hire taxes on your IRA or fourto one K, would draws hire
taxes on your other investment income,and could even impact your sponsal benefits and
double your Medicare premiums. And that'swhy it's critical for you to consider all
these things before you file for SocialSecurity. Welcome back to Secure Timer Radio.
I'm Dylan Mahlberg, financial Advisor.I have another financial advisor here at
(21:23):
Secure Timer Radio. Ryan dialing withus this morning our investment strategist Nate Zeller.
And today we're talking about the topfive Social Security misconceptions that could needlessly
cost you a small fortune. Andcoming up in this segment, why delaying
your benefits won't guarantee you the mostnet income from your Social Security right.
(21:45):
The misconception, the third one herewe're talking about today, is delaying your
benefits will always result, excuse me, in a bigger check. Well,
that's true. Delaying your benefits youget that eight percent raise from Social Security
benefit after your full retirement age.But many people believe that waiting until seventy
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will yield a bigger benefits check.The strategy is often pitched as a no
brainer, but that's not necessarily true. You know, delaying your benefits will
yield a bigger check, that's forsure. But when you consider the taxes
on your benefits, the impact thatthe taxes has when you add in your
four oh one K, your IRAwithdrawals, plus your spousal benefits and Medicare
(22:27):
premiums, delaying your benefits could endup costing you money. So you could
end up with a lot less netincome from Social Security. And the timing
and how and when you claim yourbenefit matters extremely It's it's extremely important.
It's not about claiming your benefits earlier. Late your benefits could count as taxable
(22:51):
income your IRA or four one K. All these other investments come into play.
So you got to consider the taxeswhen you're doing this, because you
could find yourself in a much muchhigher tax bracket. Yeah, there's a
lot of calculators out there online andwe you know, families come into our
office all the time and they talkabout these great online resources and they are
(23:11):
good, don't get me wrong.Where they've plugged in some numbers and said,
Okay, I should wait and takemy solid security, you know,
as late as possible. And theproblem with these though, is that doesn't
really look at the full financial pictureand it doesn't necessarily include taxes or four
to one k IRA balances, theimpact of R and D S requirement distributions,
or the timing of IRA distributions.You know, we've talked about Medicare
(23:33):
premiums, all these other things thatcome into play. And we've talked about
this earlier on today's program here inSecured Retirement Radio. And it's not about
necessarily maximizing solid security, but ratheroptimizing this is where that getting the most
net income from it comes into play. Well, I think that uh,
you known, a we see alot of and Ryan, we see a
lot of the uh, the familiesthat we set down and there are usually
(23:56):
in maybe two camps. One ofthe camps is, you know, hey,
I'm going to take it right awayat sixty two because I want to
get the money now. And andthere might be another fem that it says
I'm going to defer it out toseventy because I want to get the most
out of it. And and alot of times that you know, these
families come with a spreadsheet that youknow they've done the math, and that's
where these calculators come into play.And and you know, we can look
at the math under a microscope andthat's great. But if we don't consider
(24:21):
the other aspects of filing for SocialSecurity. You know, one we talked
about the taxes already, but withsocial Security, we have to consider longevity.
Right. Social Security is one ofthose those things where you have to
be present to win. What isit going to look like for my for
a surviving spouse if if someone isn'tthere early? So, really, do
we find that it's just like oneage, one of these one size fits
(24:41):
all strategies works best. But youshould take it at sixty two, get
it right away, No, youshould divertil seventy you know, my neighbors
said this, Really, what wehave to do is look at your current
situation to really figure out what's gonnawork best for you. Right it.
You know that's you've touched on somethingthere, Dylan. That what we like
to expres us to our clients iseverybody is playing their own ballgame. You
(25:03):
know, if I put us sportsanalogy in it, there is no one
size fits all strategy. What worksfor your sister, your brother, your
neighbor about filing for Social Security andthe assets they have is not going to
work for you. Everybody is playingby their own rules and their own ballgame
on their own field. So it'simportant to come in and talk to us
about a strategy that works best foryou and your family. A lot of
(25:27):
times too, people go to thelocal Social Security office and look for some
advice, and the Social Security office, you know, it's you know,
the tremendous work by those people,a lot of work. But the thing
is they're not in the business tobe giving advice. They don't look at
the full picture. They won't tellyou if you necessarily qualify for extra income.
They may just tell you, youknow, when when to maximize it,
(25:47):
when to get the most out ofit. And so that's why it's
so important to sit down with somebodythat does look at the big picture,
a qualified advisor who you know iswilling to run this analysis. We look
back, you know historically you knowwith your other asked us how you know,
maybe longevity as well, with yourfamily, what that looks like to
you know, kind of determine whenmight be the best time for you to
(26:07):
take sold security. And there's youknow, other benefits that you might be
entitled to as well, such assurvivor benefits if you're widowed, or some
disability benefits, supplemental benefits, divorcedbenefits for example, too. So you
know, make sure you're getting asmuch as possible out of it. And
if you think about it, andyou know, I think Ryan you said
this earlier on today's program, isthat twelve point four percent that's contributed between
(26:29):
you and your employer each pay halfthe six point two But for most people
that are at our near retirement now, they've been paying into the system for
forty years, forty plus years insome cases. And so that's why it's
so important to get as much outof it as you possibly can well and
you mentioned other benefits that are outthere, and one of the one of
the ways that you could potentially leavemoney on the table by delaying benefits is
we sometimes sit down on families thatyou know, maybe one of the spouses
(26:53):
was it was in the home mostof the time, one of the spouses
was was was working and the breadwinner, and so the one spouse doesn't have
a very high benefit and and ultimatelythey're gonna end up collecting a spousal benefit
or they're gonna be collecting half ofwhat their spouse would have would have gotten
at there what do we call fullretirement age, and in in order to
collect a spousal benefit, the otherspouse would have have filed. So there's
(27:15):
situations where if you're if you're inthat situation where your spouse is gonna end
up potentially taking a spousal benefit,you delaying your benefit longer out to age
seventy, you could be leaving thousandsof dollars a year on the table by
just delaying social Security longer for youto get that bigger check. And then
you throw the impact of taxes andother other income that could be that could
(27:37):
come into place there. I meanthat it can snowball on you. And
there's there's tens of thousands of note, hundreds of thousand dollars of lifetime benefits
that can be left on the table. Yeah, you know, what we're
talking about is is do your research, you know, determine what the best
claiming strategy is for you and yourfamily. You know, we're offering today,
come on in talk to us aboutour tax smart retirement plan. I
(28:00):
work with a qualified financial fiduciary advisorlike ourselves, who can navigate the hundreds
of thousands of complicated rules that theSocial Security throws out to you. And
there's rules on top of those rules. So no matter what you do that
you don't turn on, you know, Social Security, and you don't turn
to the Social Security Administration even thoughthey're doing the lord's work. I trust
(28:22):
me. We talk to them everyday. But there again, like Nate
said, they're not there to giveyou advice. They're not there to talk
about what I call the the recipeof building your retirement plan. And what
we're talking about is Social Security beingone little part of that recipe. There's
irais, there's four oh one ks, there's ways to strategize building your social
(28:45):
Security plan to be the foundation ofyour you know, income plan and retirement.
And if you're not talking to aqualified advisor about this, you know,
Joe Lucy wrote a book on this. We've all read it. It's
an amazing book. And I offeredpeople out there today, come in,
call us up, get the book. We'll send it to you. But
they're not trained out there to talkabout claiming social security. And that's something
(29:07):
we folkus on highly here at SecurityRetirement. Well, I think Ryan,
what you're really getting at here islet's not look at social Security just under
a microscope. Let's not just lookat the number, the biggest check.
Let's look at all the different areasthat can be brought into this this piece
of pie that we have, whichis called your retirement plan, the taxes,
the investments, everything that's involved toreally make the best decision as far
(29:32):
as you're concerned with your filing forSocial Security. And now that you do
know that filing for Social Security canbe one of the biggest financial decisions that
you'll ever make, and the differencebetween your best and worst case scenarios could
literally be hundreds of thousands of dollarsin lifetime income so you want to be
(29:53):
one hundred percent certain about this decisionand you want to make sure you get
it right. That's why we wantto offer something special just for the listeners
of today's show. We want tohelp you get the most income when you
file for Social Security. So whatwe're offering this morning is a free,
customized social Security analysis. Come in. This analysis is going to show you
(30:15):
the exact time that could help youget the most out of your Social Security
benefits, how you could reduce oreven eliminate paying taxes on as much as
eighty five percent of your benefits,and how you could avoid potentially doubling your
Medicare premiums and so much more so. If you if either you or your
(30:37):
spouse have not filed for Social Security, give us a call this morning to
schedule your social Security analysis at ninefive two seven seven seven eighty eight thirty
eight. That's nine to five totwo seven seven seven eighty eight thirty schedule
a time, bring in your yourbenefit numbers. Let's let's sit down,
look at your situation and see whatwe can do to help help you not
(31:00):
just get the most dollar wise outof your check out of soci Security,
but how do we get the mostnet net benefits for you and your family.
Now, some advisors are charging hundredsof thousands or hundreds of dollars for
this customized analysis. We're not goingto charge you a dime. We're only
going to offer it for the listenerson today's program. Give us a call
this morning nine five to two,seven seven seven eighty eight thirty eight to
(31:25):
schedule your social security analysis. That'snine five to two seven seven seven eighty
eight thirty eight. Are you confusedabout spousal benefits and want to avoid leaving
money on the table. We'll explainit all in a simple and easy to
understand terms when we come back.That's Ryan. I have Nate with me
this morning. I'm Dill Mahlberg.We'll be back with one last segment here
(31:47):
on Secured Retirement Radio. He's acertified financial planner, fiduciary and a contributor
to the Wall Street Journey, andhe's no ordinary Joe. You're listening to
Joe Lucy on Secured Retirement Radio.Could you pay fewer taxes of retirement and
keep more money in your pocket?You bet you, and Joe Lucy can
(32:10):
show you how. Welcome back toSecured Retirement Radius. Filing for Social Security
sounds simple enough on the surface,but unfortunately, this is a government administered
program and to say that it's complicatedwould be the understatement of the year.
(32:36):
In fact, the system is socomplicated it's almost designed to trip you up.
And that's why nine to ten Americanslose out on an average of one
hundred and eleven thousand dollars in lifetimebenefits. Welcome back to Secured Retirement Radio.
I'm Dylan Malberg. I have financialadvisor Ryan Dylan, our investment strategist
(32:57):
Nate Zeller in with me this morning. We are all in for Joe Lucy,
who's out of town this weekend traveling, and we are talking about the
top five Social Security misconceptions that couldneedlessly cost you a small fortune. Now
coming up in our final segment,you don't really have to be a widow
to claim spousal benefits. Plus whyasking the Social Security Administration for any personalized
(33:23):
advice might not be such a greatidea, right. There's a lot of
confusion about spousal benefits, what theyare, and when you can claim them,
and many people falsely believe that youcan't claim spousal benefits unless you're widowed.
If you're already receiving spousal benefits,when your husband and wife pass away,
(33:44):
social Security will switch you to thesurvivor benefits will usually be one hundred
percent of your spouse's benefit amount.However, there are a few situations there
that would cause the benefit amount tobe lower, like, you know,
being younger than your full retirement age. Yeah, so there are obviously,
you know, a lot of stipulationswith this too, you know. And
(34:06):
one of the questions that we've receivedfrequently here at Security Retirement too is what
happens if you're divorced and your exhusband or wife passes away, and as
long as you haven't remarried, youcan still claim widow benefits. However,
if you do remarry, you're nolonger eligible for those widow benefits. And
speaking of divorced benefits too, justto throw some more information out there,
you and your ex husband or exwife must have been married for at least
(34:29):
ten years, you must be divorcedfor at least two years and not remarried,
and be at least sixty two yearsold. So this is something to
think about too. If you findyourself in this situation that you know,
maybe you can take advantage of thisand receive a little higher benefit than you
were expecting. Well, and alot of questions that we give with that
as well as you know, ifsomeone else is claiming a spousal benefit,
(34:50):
well, does that affect affect mybenefit? And it really it doesn't affect
your benefit whatsoever. If there's aspousal benefit that's out there, you know,
it has nothing to do with yoursa specific claiming strategy. And like
you said, Nate, you know, having to be married for at least
ten years if you are divorced,there may be something out there. If
you're in that situation, you'll giveus a call this morning nine to five
(35:13):
to two, seven seven, seveneighty thirty eight. You know, we
discuss if there is maybe some benefitsout there that you may be entitled to.
Again, we don't want to leavethousands of dollars on the ground if
they're lying there. We want tomake sure we're helping you. You'll you'll
pick that up there. And Ithink that there's we talk about social security,
and there's this age sixty two that'sout there that everybody thinks about when
(35:35):
they can file and there's some benefitsRyan that you could potentially actually file and
receive a little bit earlier. Right, So you know what I want to
talk about too, And we're talkingabout you know, if something widowed and
things of that nature. But youknow, when we talk to our clients
about the tax smart retirement plan,we're talking about optimization of social security.
(35:57):
One thing to factor into though,is, you know you mentioned it earlier.
You have the bread winner, youhave the maybe a stay at home
mom working hard, running the house, getting all the kids to school and
day. You know, there's spousalbenefits that are to be considered that when
we talk about optimizing social security planningboth of these social securities off each other.
(36:19):
There's a way too for the spousethat might you know, stay at
home. Didn't put that twelve pointfour percent that Nate talked about in there.
But you know, when we optimizethe the you know, the person
with the higher benefit, there's aspousal benefit that happens, and the person
that's you know, the stay athome mom or the stay at home dad,
that benefit gets kicked up a littlebit here to be about half the
(36:40):
price of the full retirement age ofthe of the you know, higher way
journer. So there's something to considerin there too. That again not leaving
money on the table. When wetalk about our tax maren't retirement plans are
optimization tactics. We fully consider thatkind of stuff. Yeah, in today's
program, we are talking about thefive misconceptions the Social Security and we've discussed
(37:01):
how, you know, the thoughtthat that soci Security Trust Fund might go
broke, which seems to be amisconception as we think Washington will probably fix
that at some point, but itmight have an impact on you and your
benefits. We've also talked about thepotential taxation on your Social Security benefits and
then you know, we've also talkedabout optimizing your Social Security and how delaying
(37:21):
your benefits may not always result ina bigger check. And our last one
here and we did touch on thisin our last segment as well, is
you know, misconception number five beingyou can count on the Solid Security Administration
to help you, and they area group of good people, but they're
you know, probably overworked with ifyou look at the number of people claiming
sold security out there, so theyhave a lot going on and they're very
(37:44):
knowledgeable about the system, but theydon't have any knowledge of your individual situation.
They're not qualified as advisors. They'renot going to look at your taxes
and the impact that you know,your IRA distributions might have on all of
this. And so the Social SecurityAdministration is a good place to find information,
but probably not the best place togo for help. And that's why
it's so important to work with aqualified advisor who is able to help you
(38:07):
well. And before you do claimthose benefits, you're gonna want to make
sure that you sit down and talkto somebody who's going be able to walk
you through it. And and thisis where we see a lot of mistakes
happen. Is maybe you've been workingwith a financial advisor and you're getting to
that time where you're looking at,you know, claiming your Social Security benefits.
You go to set advisor, yousay, hey, you know,
what should I do? And alot of times what we've what we've heard
(38:28):
with the families that we sit downwith is they, you know, they
serve them the direction of maybe theyhave a CPA or or or or somebody
who's doing their taxes that hey,they know some you know they know about
your income, they should be ableto help you there. So you go
talk to you know, mistery missCPA. They point you in the direction
of, you know, the SocialSecurity Administration because they don't do that either.
And so you go to the SocialSecurity Administration because the name social Security
(38:50):
is there, it makes sense.And and you find out that Nate,
like you said, that they canonly tell you what you can get for
social Security today and and they don'tknow anything about your personal sit situation.
So in order to ultimately make thisdecision and get it right, you know,
there's a lack of advice that's outthere. And like Ryan you mentioned
earlier in the show, Joe Lucyone of the co hosts on the show
(39:13):
here and the founder of Security armof Radio, he wrote a book on
this, the Social Securities Guide forRetirees, and we know about it.
We've helped hundreds of thousands of orthousands of families go through and make sure
they get their social security decisions right. And if if you want to make
sure you get a right schedule ananalysis with us this morning at nine to
five to two, seven seven,seven eighty eight thirty eight. We'll sit
(39:36):
down we'll go through your numbers.We'll make sure that you consider all the
options when filing for your Social Securitybenefits. Right. And you know,
the Social Security Administration again, likeI said, they're doing the lord's work.
They're doing the best that they can. But they're they're overwhelmed and the
staff is the smallest. We heardlike in twenty five years the agency lost
(39:57):
four thousand employees during the pandem.Combine that with the largest group of retirees
in history hitting the hitting Social Security, and you can expect long wait times
and boy have burnt out employees,I guess. But what we're talking about
here is coming in and talking tosomebody like us that Joe Lucy's written a
book on this subject. He's trainedus all in it. We talk about
(40:20):
it every day. You know,the Social Security Handbook has two seven hundred
and twenty eight rules, and there'sone hundred thousands, and there's hundreds of
rules on top of those rules ofwhat we talk about. So it's impossible
for the staff at the Social SecurityAdministration to understand all those rules. And
I think, if you know,correct me if I'm wrong, but I
think they're forbidden to give you advicethey're only allowed to kind of answer direct
(40:45):
questions that you give them. Soeven if you don't know the direct questions
to when you're going to Social Securityand turning them on, you might again
be what we talk about is leavingmoney on the table, and that's what
we don't want. Yeah, it'sthose Security is probably, you know,
if not the biggest, it's oneof the largest financial decisions that you'll make
(41:05):
throughout your lifetime. So that's whyit's so important to get it right.
And I'd mentioned this earlier too.It's a one time thing. You make
this decision and you move on,and so that's why it's so important to
be proactive in this. And wetalk about the golden decade here, the
five years before retirement, in thefive years after, and you know,
so you start planning ahead, pulleverything into the equation, you know,
look at your full financial situation,and you know, have some help when
(41:28):
you make this decision, because it'sa real big one that you don't want
to get wrong. Well, you'reright, Nate, and you don't want
to get it wrong because if wouldyou be upset if you lost one hundred
and eleven thousand dollars in retirement income. Now, according to Forbes, ninety
six percent of Americans they forfeit anaverage of one hundred and eleven thousand dollars
in social scaredy income. And withthe Social Scarity Trust Fund, and in
(41:49):
as much trouble as it's in,it's never been more important to ensure that
you have the right strategy that helpyou get every penny of income that's rightfully
yours. Find out how you couldavoid losing tens of thousands, if not
hundreds of thousands of dollars in lifetimeincome with a free customized social Security analysis.
(42:09):
This free analysis, it's gonna pinpointexactly when you should file for your
Social Security that's gonna help you getthe biggest benefit check possible in retirement.
It also takes the impact the taxes, Folso benefits, Medicare premiums are more.
It's gonna make sure you get themost net income from Social Security.
(42:29):
So give us a call this morningat nine five to two seven seven seven
eighty eight thirty eight to schedule yourfree Social Security analysis nine five to two
seven seven seven eighty eight thirty eight. Some advisors are charging hundreds of dollars
for this. We're not going tocharge you a dime. Give us a
call this morning nine five to two, seven seven, seven eighty eight thirty
(42:51):
eight to schedule your free Social Securityanalysis. That's all that we have for
Secure Retirement Radio this week. ThanksRyan Nate for joining me this morning.
Uh. Dylan Mahlberg in for JoeLucy this morning. Everybody, have a
great weekend. He's a certified financialplanner, fiduciary, and a contributor to
the Wall Street Journey and he's noordinary Joe. You're listening to Joe Lucy
(43:14):
on Secured Retirement Radio.
Here's what our attorneys make us say. We believe all the information we offer
on this program is factual and upto date. However, we cannot guarantee
its accuracy and you should not thinkof it as a complete analysis of the
subject's discussed. We are also notgiving you an offer to buy or sell
the investments we talk about. Allinvestments involve varying degrees of risk, and
we cannot guarantee any specific investment orstrategy will be suitable or profitable for your
portfolio. Always consult with a qualifiedinvestment, legal, or tax professional before
(00:23):
taking any action. You've worked hardand save for retirement, but remember it's
what you do with that money thatreally matters. How will you ensure that
you bring every nickel out of yourSocial Security benefits? Could you pay fewer
taxes in retirement? And how andwhen will you withdraw money from your IRA
(00:43):
or for a one K Welcome toSecured Retirement Radio with Joe Lucy of Secured
Retirement Financial jose Ah certified Financial Planner, fiduciary and a contributor to The Wall
Street Journal and as nearly twenty fiveyears of helping people just like you,
this is where you can count onstraightforward and objective advice on how to make
(01:06):
your money go further in retirement.And now here's your host, Joe Lucy.
Filing for Social Security sounds simple onthe surface. Percentage of your paycheck
goes into this Social Security when you'reworking, and well, when you retire,
you file for your benefits and everymonth you get a paycheck until you
(01:29):
pass away. But it's not thatsimple at all. You see, most
people don't realize this, but howand when you file for Social Security could
set off a chain reaction of eventsand that could needlesly cost you hundreds of
thousands of dollars in lifetime income.And even the most sophisticated investors, well
(01:49):
they make mistakes all the time,needles lee costing them a small fortune.
Welcome to Secure Retirement Radio. I'mDylan Maulberg, Financial Advisor. I have
Nate Zeller our Investments just with usthis morning, Ryan Dillon, financial Advisor.
We are all in for Joe Lucythis morning. Who's traveling and if
you're within five years of filing forSocial Security benefits, this is going to
(02:10):
be a great show for you today. When you file for Social Security,
your decision could trigger a chain reactionof events that could impact the taxes on
your benefits, taxes on your IRAor four to one k woodraws, the
taxes on other investment income, spousalbenefits, and even your Medicare premiums.
It could easily cost you tens ofthousands, if not hundreds of thousands of
(02:36):
dollars in lifetime income. So whenyou go to file for your Social Security
benefits, you need to consider alot more than just the amount of the
check. So coming up on today'sshow, we'll talk about the top five
misconceptions about filing for Social Security thatcould rob you of your hard earned savings.
Nate, Ryan, good morning,Good morning, Good morning, Dylan.
(03:00):
Yeah, so let's start with thefirst myth, and that's that you
will not receive your benefits that theSocial Security Trust Fund goes broke. And
right now, there's really a problemand this is all over the news headlines
about Social Security and why it mightgo broke. And Ryan, maybe you'd
like to talk about this a littlebit. Yeah, and you know,
let's set the table here. Wedon't want to be scared tactics in today's
show, but we do want tojust you know, be honest with ourselves
(03:21):
about social security. You know,there was a Forbes article here, let's
just talk about filing for social security. Forbes wrote an article a couple of
years ago that said the average personwill lose one hundred and eleven thousand dollars
for misfiling their social security. Andthe you know how that works out is
(03:43):
we got to work together with ifyou're a single filer or you know,
you've got a spouse and got tomake those social securities work together. There's
maximization, which means you wait tillseventy that could be a plan. But
you know, if we work togetherand using your spouses or somebody else is
so security, not somebody else's yourspouse is sob security. Using them together,
(04:05):
really we talk about optimizing social security. Using them both together really can
work together, and it could bea great plan. Well, and we
look at the the optimization and there'ssome of these miss and misconceptions that are
out there, and really one ofthe biggest ones that we see as we're
sitting down with families here at securitytime of radio is well, I'm gonna
(04:26):
file right away because social security isgoing to go broke anyway, And and
Nate. Really they don't think there'sany doubt that Social Security is Really what
they have is they have a mathproblem, right, They do have a
math problem. If you look atit. There's more people leaving the workforce
to retirement and are entering the workforce. And when Social Security was first established
way back during the FDR days,there was a lot more people in the
workforce supporting the retirees, and sothe math worked out a lot better.
(04:50):
But that's completely flip flop today.So there's more money going out than that's
coming in, and so there isthis myth out there that the Social Security
Trust Fund will go broke. Butlet's think about the reality of this.
If you're a politician who is electedto office, do you really think that
you're going to allow the Solid SecurityFund to go broke? Or do you
think that there'll be some steps taken? And I would like to think that
there will be probably be some stepstaken regarding the math problem. Though the
(05:14):
US Chamber of Commerce says that thereare one point four million fewer workers today
than there were just four years ago. In twenty twenty, Dylan talking about
that math problem, that's a lotof people out of the workforce. No,
it is, and I think alot of people think that just because
we end up not being able tofill all the checks, that all the
checks would stop coming, And thereality is is nate to your point,
(05:38):
there's a lot of time yet forus to fix the problem. And you
know, in a world that maybethey don't, I mean, yeah,
your benefit checks could potentially be caught. I'd hear it's secure timent Radio personally,
don't think that is going to bethe case. Down the road,
they'll be. There's a lot ofthings that they can do to to correct
the issues. Whether they could raisepayroll taxes, they could increase retirement ages
(06:00):
that there's a lot of things thatthey could do to help the math problem
that's here. And when it comesdown to it, you know, we
talk about taking it earlier, takingit later. You know, if they
do end up cutting benefits at somepoint in time, do you want to
get a benefit cut on a lesseramount of a monthly check or do you
want to get a cut on aon a higher check? Right, the
(06:20):
still ends up coming to be amath problem. So regardless of what happens
with Social Security, we want tomake sure that we're planning around it.
And Ryan, like you said earlier, we want to make sure we're not
just looking at getting the biggest check, but how we optimize our benefits for
our current situation. Well, Dylan, to your point too, it is
about optimizing and then if yeah,so if you do have a higher number
(06:41):
and the benefits are cut, thenyou would still be receiving that higher number.
So that's why it's so important.And the thing about social security is
this is an irrevocable decision that's made. You get one shot at it.
You can't take it, decide whento take it, take it, and
then decide to change your mind ina few years. So that's why it's
so important to sit down with aqualified advisor, really run through the analysis,
run through the numbers, take alook at everything else that's out there,
(07:02):
because social Security will impact your taxes, you know, medicare, premiums,
There's a whole a lot of othervariables that go into it. And
that's why it is so important tosit down and when you make this decision,
put a lot of thought into it. It's not like Congress is going
to let this fund dry up.Though in conjunction with raising retirement age.
They're talking about a number of solutionshere, reducing the benefits, raising taxes
(07:27):
on the benefits, creating a combinationof higher taxes and reduced benefits. If
we look at Social Security's history,I mean, raising taxes helped in the
past, but the tax rate isshot up fifty percent in nineteen eighty three
to eighty five percent of your fundsbeing taxed on Social Security. So boy,
(07:48):
looking forward, guys, what's nextone hundred percent? Oh, it's
not a far leap to go.I mean, if I put my money
there, at some point, itgoes there. Ryan, what you're getting
at. As Congress has made movesin the has to shore up the Social
Security system, and given the levelof dependency that retirees have on Social Security
for their income and retirement, Iwould only expect that they make another step
(08:11):
to shore it up again. Andif you think about it, would you
be upset if you lost one hundredand eleven thousand dollars in retirement income?
Now? According to Forbes, ninetysix percent of Americans, on average,
one hundred and eleven thousand dollars ofSocial Security income is what they forfeit.
A reality that anyone in the rightmind would like to avoid, and with
(08:33):
the Social Security Trust Fund in asmuch trouble it is as it is,
and now it's never been more importantto ensure that you have the right strategy
that could help you get every pennyof income that's right for yours. Find
out how you could avoid losing tensof thousands, if not hundreds of thousands
of dollars in lifetime income with afree customized social Security analysis. Now,
(08:56):
this social scurity analysis is get apinpoint exactly when you should file for your
Social Security, helping you get thebiggest benefit checks possible in retirement. It
also considers the impact on your taxes, spousal benefits, Medicare premiums, and
more so, this analysis looks atthe big picture which could get you the
most net income from Social Security,not just the most income from Social Security.
(09:22):
And if you have not filed forSocial Security, call us to schedule
your free analysis today at nine fiveto two seven seven seven eighty eight thirty
eight nine five to two seven sevenseven eighty eight thirty eight. Some advisors
are charging several hundreds of dollars forthis customized analysis. We're not going to
charge you a dime but we canonly offer this for the listeners this morning.
(09:45):
Nine five to two, seven sevenseven eighty eight thirty eight. That's
nine five to two, seven sevenseven eighty eight thirty eight. To schedule
your free social Security analysis coming upnext. Could you owe a big chunk
of money from Social Security in taxes? I'll share the ugly truth. We'll
share the other ugly truth when wecome back. That's Ryan Nate is with
(10:05):
us this morning. I'm Dylan Maulbergwill be back in just a few minutes.
He's a certified financial planner, fiduciary, and a contributor to the Wall
Street Journal, and he's no ordinaryJoe. You're listening to Joe Lucy on
Secured Retirement Radio. He's a certifiedfinancial planner, fiduciary and a contributor to
(10:28):
the Wall Street Journal. You maynot realize this, but he's kind of
a big deal. Welcome back toSecured Retirement Radio with your host, Joe
Lucy. You know you look atyour Social Security statement and the number is
right there, It's in black andwhite. But did you know that you
(10:48):
could end up paying taxes on asmuch as eighty five percent of your benefits?
Well, it's true, and sothe money you are counting on for
retirement could end up being a lotless than what you originally thought it was
going to be. Welcome back toSecure Retirement Radio. I'm Dylan Malberg,
financial Advisor. I've Ryan Dylan andNate Zeller in with me this morning.
(11:11):
We are in for Joe Lucy who'sout of town this weekend, and today
we're talking about the top five socialSecurity misconceptions that can needlessly cost you a
small fortune. And coming up inthis segment, what you could owe taxes
on up to eighty five percent ofyour Social Security benefits, plus what you
(11:31):
can do now that could reduce orpotentially eliminate these taxes altogether. Yeah,
a lot of people don't think abouttaxes and Social Security. In the first
part of the show, here weare talking about the Social Security Trust Fund
and what are some political and mathematicalequations here that could be looking us dead
(11:52):
in the face here moving forward,But yes, let's talk about taxes.
You know, the listeners here beenpaying into Social Security and as you and
I have well to have been payinginto soci Security Trust Fund ever since we
got our first paycheck. Between youand your employer, we've contributed to as
much as twelve point four percent ofyour earnings for what is likely boy four
(12:15):
plus decades of us working. Butwhen it comes down to finally collecting your
benefits, uccle Sam is going toturn right around and tax you on it.
And, like you stated, Dylan, depending on your income and retirement,
you could be forced to pay upto eighty five percent of your Social
Security benefits and taxes. But ifyou're like most people, these benefits will
be the foundation of your income plan. So if you have to pay taxes
(12:41):
on eighty five percent of those funds, of that money, your benefits could
be a fraction of what you've countedon in retirement. Yeah, Ryan,
like you said, social Security isthe cornerstone for most people's income throughout retirement
when they're looking to replace those paychecksthat they earn during their working years,
and it comes as quite a shockthat they have to pay taxes on it
if you look at these tax ratesthat are set. This came about back
(13:03):
during the Reagan years, so we'retalking in the you know, early to
mid eighties. What's that thirty fortyyears ago now doesn't hardly seem like it,
but it is, and at thetime, they thought, okay,
this is kind of a backdoor wayto you know, raise tax revenue,
not that Congress would ever do anythingsneaky like that to us, but we're
going to start tackling Social Security benefits. So they did this in the eighties.
(13:24):
But what they haven't done is adjustedthis for inflation. And as we
all know, there's been a lotof inflation, especially recently, and it
was kind of benign for a numberof years, but over thirty or forty
years, So when this first cameout, it didn't affect that many people.
But now, because these limits havenot been raised, a lot more
people are paying taxes on their SocialSecurity and depending on what Congress decides to
do going forward, as we mentionedin our first segment, it could be
(13:46):
even higher number. Well, andthose income limits that you talked about,
Nate anywhere from twenty five thousand toforty four thousand dollars, and if you
think back to nineteen eighty three,you know, if you had an income
of any are from twenty five toforty four thousand, you were probably doing
all right. And like you said, they haven't adjusted these these income limits,
(14:07):
say for forty years So when wewhen they originally started taxing Social Security,
there really wasn't a whole lot offamilies that were paying tax on Social
Security. But now after cost ofliving adjustments and everything else that's happened,
we find the majority of the familieswalking into our office that are going to
end up paying tax on some,if not up to eighty five percent of
their Social Security benefits, and thatthey start putting a plan together around how
(14:31):
to avoid that or eliminate those potentialtaxes. Yeah, if you're not careful
on how and when you claim yourSocial Security benefits, you could trigger what
we kind of talk about here isthe tax torpedo. When your income from
your I RRA and your four Oone K and your Social Security benefits and
when all those investments get added up, you could be pushed into a higher
(14:52):
tax bracket and be forced to payyou know, higher capital gains taxes,
higher marginal taxes, plus boy,the other tax as, the higher medicare
premiums. Well, along those samelines, Ryan, like you were talking
too. With this tax torpedo,what we need to talk about is required
minimum distributions from iras. There's anumber of families that we talk to that
come into our office and say,well, I'm not going to have to
(15:13):
pay taxes. I'm going to takemy solid security. It's a lower number
and I'll be just fine. AndI have all this money stashed away in
IRA, but I just don't needthat to live off of. Well,
then lo and behold, uncle Samwants their chunk. We talk about this
frequently here in re Secured Retirement Radio, with these requirement minimum distributions that once
you reach age seventy three, you'rerequired to take money out of your IRA
(15:35):
four one and four one K accounts. And what happens then is that counts
as taxable income and so then yoursolid security gets taxed and it kind of
creates the snowball. And Ryan,like you said, we call this the
tax torpedo. Well, and ohsorry, if you're listening this morning,
and maybe that sounds like familiar tosomething, maybe that's happened to you.
And then there's a lot of familiesthat come in our office that find that
out after the fact that you know, if we can do some proactive planning
(15:58):
around how and when we take themoney out of the retirement accounts doesn't make
sense, Maybe that takes them outearly on in retirement to avoid having to
take more out later on when itcan start affecting these other sources of income
like Social Security. Because essentially whatends up happening is when you have to
start taking the money out of theseretirement accounts, whether you do it proactively
(16:19):
or you reach a certain age whereyou have to take a required minimum distribution
at age seventy three, when theIRS says you deferred this money long enough,
it's time to start tapping in there. Not only do you find yourself
paying tax on the withdrawals from theiras and the four one case, we
actually get double tax because now you'regetting taxed on social scurity benefits that otherwise
(16:41):
would have been completely tax free toyou if you didn't have to take that
withdrawal. Right, you guys,this isn't bad news. And there's It's
what we're talking about here today isopportunities. Come on in. There's proactive
planning that we can do to reduceor potentially even eliminate these taxes all together.
(17:03):
Come on in, come in andtalk to us about a tax smart
retirement plan. There are ways tobe proactive planning for filing for your benefits.
And adding in all the other partsof the recipe here with the I
rays and all the hard work thatour listeners have built with their I rays.
And for one case, well,you said, Ryan, it's not
all bad news. And I thinkthe first thing you have to look at
is with social Security and the reasonwhy we spend multiple shows and I don't
(17:26):
think there's a weekend that goes bythat we don't at least touch on it
for you know five to ten minutes, is it's a very tax efficient source
of income. If social Security wasyour only source of income that you didn't
needed in retirement, you woudn't Youwouldn't even have to file a tax turn
anymore. It would all be taxfree. It's only when these other sources
of income, whether it's IRA distributions, interest dividends, maybe there's some investment
(17:49):
income, when these start flowing throughand hitting the tax turn is when we
get that tax torpedo. So ifyou find yourself in that situation where maybe
you do have some other assets thatare out there that might be hitting the
tax return, today's there's not abetter time than today to start planning around
how to make sure that your SocialSecurity benefits are going to be as tax
efficient as possible for you in retirement. So now that you know that you
(18:14):
could pay taxes on up to eightyfive percent of your Social Security benefits,
and the money that you are countingon to help pay for your retirement could
end up being a lot less thanyou thought. That's the bad news.
But there are some simple strategies thatcan help reduce or even eliminate these taxes
so that you can keep more ofyour Social Security income in your pocket.
(18:38):
And that's why I have something specialjust for the listeners on today's show will
show you how you could reduce oreven eliminate the taxes on your Social Security
benefits. We're offering a free,customize Social Security analysis. And what this
analysis is going to show you isit's going to show you the strategies that
can help you save a fortune intax is exactly when to file for Social
(19:02):
Security and how to optimize your income, the key to getting more from your
spousal benefits. Plus if you're eligiblefor any of these other benefits that could
be out there that could add upto thousands of dollars every year. We're
gonna point those out to you aswell, and if you have not fought
you or your spouse have not filedfor Social Security, give us a call
this morning at nine to five totwo seven seven seven eighty eight thirty eight.
(19:26):
Nine five to two seven seven seveneighty eight thirty eight to schedule your
social Security analysis. This is gonnabe a turnkey solution that is going to
help ensure that you get the mostout of your benefits. We're not gonna
charge you a dime for it.Nine five two seven seven seven eighty eight
thirty eight. Give us a callthis morning, give us your information.
(19:49):
We'll make sure we turn your callon money. To schedule a time to
sit down with one of the advisorson the team here at Security Retirement Radio.
That's nine five to two seven sevenseven eighty eight thirty eight to schedule
your social Security analysis. Coming upnext. Should you delay filing for Social
Security to get a bigger benefits check? You may be surprised at the answer
(20:11):
when we come back, Ryan,Dylan Nate Zeller. I'm Dylan Mahlberg and
for Joe Lucy. This morning,we will be back with more Secured Retirement
Radio just after the break. He'sa certified financial planner for douciary and a
contributor to the Wall Street Journal,and he's no ordinary Joe. You're listening
to Joe Lucy on Secured Retirement Radio. Fasten your seat belts and put your
(20:36):
trade tables in an upright and lockedposition. It's another action packed segment on
how to make your money go furtherin retirement. You're listening to Secured Retirement
Radio. Most people don't realize this, but when you file for Social Security
could trigger a chain reaction of eventsthat could trigger higher taxes on your benefits.
(21:00):
Hire taxes on your IRA or fourto one K, would draws hire
taxes on your other investment income,and could even impact your sponsal benefits and
double your Medicare premiums. And that'swhy it's critical for you to consider all
these things before you file for SocialSecurity. Welcome back to Secure Timer Radio.
I'm Dylan Mahlberg, financial Advisor.I have another financial advisor here at
(21:23):
Secure Timer Radio. Ryan dialing withus this morning our investment strategist Nate Zeller.
And today we're talking about the topfive Social Security misconceptions that could needlessly
cost you a small fortune. Andcoming up in this segment, why delaying
your benefits won't guarantee you the mostnet income from your Social Security right.
(21:45):
The misconception, the third one herewe're talking about today, is delaying your
benefits will always result, excuse me, in a bigger check. Well,
that's true. Delaying your benefits youget that eight percent raise from Social Security
benefit after your full retirement age.But many people believe that waiting until seventy
(22:06):
will yield a bigger benefits check.The strategy is often pitched as a no
brainer, but that's not necessarily true. You know, delaying your benefits will
yield a bigger check, that's forsure. But when you consider the taxes
on your benefits, the impact thatthe taxes has when you add in your
four oh one K, your IRAwithdrawals, plus your spousal benefits and Medicare
(22:27):
premiums, delaying your benefits could endup costing you money. So you could
end up with a lot less netincome from Social Security. And the timing
and how and when you claim yourbenefit matters extremely It's it's extremely important.
It's not about claiming your benefits earlier. Late your benefits could count as taxable
(22:51):
income your IRA or four one K. All these other investments come into play.
So you got to consider the taxeswhen you're doing this, because you
could find yourself in a much muchhigher tax bracket. Yeah, there's a
lot of calculators out there online andwe you know, families come into our
office all the time and they talkabout these great online resources and they are
(23:11):
good, don't get me wrong.Where they've plugged in some numbers and said,
Okay, I should wait and takemy solid security, you know,
as late as possible. And theproblem with these though, is that doesn't
really look at the full financial pictureand it doesn't necessarily include taxes or four
to one k IRA balances, theimpact of R and D S requirement distributions,
or the timing of IRA distributions.You know, we've talked about Medicare
(23:33):
premiums, all these other things thatcome into play. And we've talked about
this earlier on today's program here inSecured Retirement Radio. And it's not about
necessarily maximizing solid security, but ratheroptimizing this is where that getting the most
net income from it comes into play. Well, I think that uh,
you known, a we see alot of and Ryan, we see a
lot of the uh, the familiesthat we set down and there are usually
(23:56):
in maybe two camps. One ofthe camps is, you know, hey,
I'm going to take it right awayat sixty two because I want to
get the money now. And andthere might be another fem that it says
I'm going to defer it out toseventy because I want to get the most
out of it. And and alot of times that you know, these
families come with a spreadsheet that youknow they've done the math, and that's
where these calculators come into play.And and you know, we can look
at the math under a microscope andthat's great. But if we don't consider
(24:21):
the other aspects of filing for SocialSecurity. You know, one we talked
about the taxes already, but withsocial Security, we have to consider longevity.
Right. Social Security is one ofthose those things where you have to
be present to win. What isit going to look like for my for
a surviving spouse if if someone isn'tthere early? So, really, do
we find that it's just like oneage, one of these one size fits
(24:41):
all strategies works best. But youshould take it at sixty two, get
it right away, No, youshould divertil seventy you know, my neighbors
said this, Really, what wehave to do is look at your current
situation to really figure out what's gonnawork best for you. Right it.
You know that's you've touched on somethingthere, Dylan. That what we like
to expres us to our clients iseverybody is playing their own ballgame. You
(25:03):
know, if I put us sportsanalogy in it, there is no one
size fits all strategy. What worksfor your sister, your brother, your
neighbor about filing for Social Security andthe assets they have is not going to
work for you. Everybody is playingby their own rules and their own ballgame
on their own field. So it'simportant to come in and talk to us
about a strategy that works best foryou and your family. A lot of
(25:27):
times too, people go to thelocal Social Security office and look for some
advice, and the Social Security office, you know, it's you know,
the tremendous work by those people,a lot of work. But the thing
is they're not in the business tobe giving advice. They don't look at
the full picture. They won't tellyou if you necessarily qualify for extra income.
They may just tell you, youknow, when when to maximize it,
(25:47):
when to get the most out ofit. And so that's why it's
so important to sit down with somebodythat does look at the big picture,
a qualified advisor who you know iswilling to run this analysis. We look
back, you know historically you knowwith your other asked us how you know,
maybe longevity as well, with yourfamily, what that looks like to
you know, kind of determine whenmight be the best time for you to
(26:07):
take sold security. And there's youknow, other benefits that you might be
entitled to as well, such assurvivor benefits if you're widowed, or some
disability benefits, supplemental benefits, divorcedbenefits for example, too. So you
know, make sure you're getting asmuch as possible out of it. And
if you think about it, andyou know, I think Ryan you said
this earlier on today's program, isthat twelve point four percent that's contributed between
(26:29):
you and your employer each pay halfthe six point two But for most people
that are at our near retirement now, they've been paying into the system for
forty years, forty plus years insome cases. And so that's why it's
so important to get as much outof it as you possibly can well and
you mentioned other benefits that are outthere, and one of the one of
the ways that you could potentially leavemoney on the table by delaying benefits is
we sometimes sit down on families thatyou know, maybe one of the spouses
(26:53):
was it was in the home mostof the time, one of the spouses
was was was working and the breadwinner, and so the one spouse doesn't have
a very high benefit and and ultimatelythey're gonna end up collecting a spousal benefit
or they're gonna be collecting half ofwhat their spouse would have would have gotten
at there what do we call fullretirement age, and in in order to
collect a spousal benefit, the otherspouse would have have filed. So there's
(27:15):
situations where if you're if you're inthat situation where your spouse is gonna end
up potentially taking a spousal benefit,you delaying your benefit longer out to age
seventy, you could be leaving thousandsof dollars a year on the table by
just delaying social Security longer for youto get that bigger check. And then
you throw the impact of taxes andother other income that could be that could
(27:37):
come into place there. I meanthat it can snowball on you. And
there's there's tens of thousands of note, hundreds of thousand dollars of lifetime benefits
that can be left on the table. Yeah, you know, what we're
talking about is is do your research, you know, determine what the best
claiming strategy is for you and yourfamily. You know, we're offering today,
come on in talk to us aboutour tax smart retirement plan. I
(28:00):
work with a qualified financial fiduciary advisorlike ourselves, who can navigate the hundreds
of thousands of complicated rules that theSocial Security throws out to you. And
there's rules on top of those rules. So no matter what you do that
you don't turn on, you know, Social Security, and you don't turn
to the Social Security Administration even thoughthey're doing the lord's work. I trust
(28:22):
me. We talk to them everyday. But there again, like Nate
said, they're not there to giveyou advice. They're not there to talk
about what I call the the recipeof building your retirement plan. And what
we're talking about is Social Security beingone little part of that recipe. There's
irais, there's four oh one ks, there's ways to strategize building your social
(28:45):
Security plan to be the foundation ofyour you know, income plan and retirement.
And if you're not talking to aqualified advisor about this, you know,
Joe Lucy wrote a book on this. We've all read it. It's
an amazing book. And I offeredpeople out there today, come in,
call us up, get the book. We'll send it to you. But
they're not trained out there to talkabout claiming social security. And that's something
(29:07):
we folkus on highly here at SecurityRetirement. Well, I think Ryan,
what you're really getting at here islet's not look at social Security just under
a microscope. Let's not just lookat the number, the biggest check.
Let's look at all the different areasthat can be brought into this this piece
of pie that we have, whichis called your retirement plan, the taxes,
the investments, everything that's involved toreally make the best decision as far
(29:32):
as you're concerned with your filing forSocial Security. And now that you do
know that filing for Social Security canbe one of the biggest financial decisions that
you'll ever make, and the differencebetween your best and worst case scenarios could
literally be hundreds of thousands of dollarsin lifetime income so you want to be
(29:53):
one hundred percent certain about this decisionand you want to make sure you get
it right. That's why we wantto offer something special just for the listeners
of today's show. We want tohelp you get the most income when you
file for Social Security. So whatwe're offering this morning is a free,
customized social Security analysis. Come in. This analysis is going to show you
(30:15):
the exact time that could help youget the most out of your Social Security
benefits, how you could reduce oreven eliminate paying taxes on as much as
eighty five percent of your benefits,and how you could avoid potentially doubling your
Medicare premiums and so much more so. If you if either you or your
(30:37):
spouse have not filed for Social Security, give us a call this morning to
schedule your social Security analysis at ninefive two seven seven seven eighty eight thirty
eight. That's nine to five totwo seven seven seven eighty eight thirty schedule
a time, bring in your yourbenefit numbers. Let's let's sit down,
look at your situation and see whatwe can do to help help you not
(31:00):
just get the most dollar wise outof your check out of soci Security,
but how do we get the mostnet net benefits for you and your family.
Now, some advisors are charging hundredsof thousands or hundreds of dollars for
this customized analysis. We're not goingto charge you a dime. We're only
going to offer it for the listenerson today's program. Give us a call
this morning nine five to two,seven seven seven eighty eight thirty eight to
(31:25):
schedule your social security analysis. That'snine five to two seven seven seven eighty
eight thirty eight. Are you confusedabout spousal benefits and want to avoid leaving
money on the table. We'll explainit all in a simple and easy to
understand terms when we come back.That's Ryan. I have Nate with me
this morning. I'm Dill Mahlberg.We'll be back with one last segment here
(31:47):
on Secured Retirement Radio. He's acertified financial planner, fiduciary and a contributor
to the Wall Street Journey, andhe's no ordinary Joe. You're listening to
Joe Lucy on Secured Retirement Radio.Could you pay fewer taxes of retirement and
keep more money in your pocket?You bet you, and Joe Lucy can
(32:10):
show you how. Welcome back toSecured Retirement Radius. Filing for Social Security
sounds simple enough on the surface,but unfortunately, this is a government administered
program and to say that it's complicatedwould be the understatement of the year.
(32:36):
In fact, the system is socomplicated it's almost designed to trip you up.
And that's why nine to ten Americanslose out on an average of one
hundred and eleven thousand dollars in lifetimebenefits. Welcome back to Secured Retirement Radio.
I'm Dylan Malberg. I have financialadvisor Ryan Dylan, our investment strategist
(32:57):
Nate Zeller in with me this morning. We are all in for Joe Lucy,
who's out of town this weekend traveling, and we are talking about the
top five Social Security misconceptions that couldneedlessly cost you a small fortune. Now
coming up in our final segment,you don't really have to be a widow
to claim spousal benefits. Plus whyasking the Social Security Administration for any personalized
(33:23):
advice might not be such a greatidea, right. There's a lot of
confusion about spousal benefits, what theyare, and when you can claim them,
and many people falsely believe that youcan't claim spousal benefits unless you're widowed.
If you're already receiving spousal benefits,when your husband and wife pass away,
(33:44):
social Security will switch you to thesurvivor benefits will usually be one hundred
percent of your spouse's benefit amount.However, there are a few situations there
that would cause the benefit amount tobe lower, like, you know,
being younger than your full retirement age. Yeah, so there are obviously,
you know, a lot of stipulationswith this too, you know. And
(34:06):
one of the questions that we've receivedfrequently here at Security Retirement too is what
happens if you're divorced and your exhusband or wife passes away, and as
long as you haven't remarried, youcan still claim widow benefits. However,
if you do remarry, you're nolonger eligible for those widow benefits. And
speaking of divorced benefits too, justto throw some more information out there,
you and your ex husband or exwife must have been married for at least
(34:29):
ten years, you must be divorcedfor at least two years and not remarried,
and be at least sixty two yearsold. So this is something to
think about too. If you findyourself in this situation that you know,
maybe you can take advantage of thisand receive a little higher benefit than you
were expecting. Well, and alot of questions that we give with that
as well as you know, ifsomeone else is claiming a spousal benefit,
(34:50):
well, does that affect affect mybenefit? And it really it doesn't affect
your benefit whatsoever. If there's aspousal benefit that's out there, you know,
it has nothing to do with yoursa specific claiming strategy. And like
you said, Nate, you know, having to be married for at least
ten years if you are divorced,there may be something out there. If
you're in that situation, you'll giveus a call this morning nine to five
(35:13):
to two, seven seven, seveneighty thirty eight. You know, we
discuss if there is maybe some benefitsout there that you may be entitled to.
Again, we don't want to leavethousands of dollars on the ground if
they're lying there. We want tomake sure we're helping you. You'll you'll
pick that up there. And Ithink that there's we talk about social security,
and there's this age sixty two that'sout there that everybody thinks about when
(35:35):
they can file and there's some benefitsRyan that you could potentially actually file and
receive a little bit earlier. Right, So you know what I want to
talk about too, And we're talkingabout you know, if something widowed and
things of that nature. But youknow, when we talk to our clients
about the tax smart retirement plan,we're talking about optimization of social security.
(35:57):
One thing to factor into though,is, you know you mentioned it earlier.
You have the bread winner, youhave the maybe a stay at home
mom working hard, running the house, getting all the kids to school and
day. You know, there's spousalbenefits that are to be considered that when
we talk about optimizing social security planningboth of these social securities off each other.
(36:19):
There's a way too for the spousethat might you know, stay at
home. Didn't put that twelve pointfour percent that Nate talked about in there.
But you know, when we optimizethe the you know, the person
with the higher benefit, there's aspousal benefit that happens, and the person
that's you know, the stay athome mom or the stay at home dad,
that benefit gets kicked up a littlebit here to be about half the
(36:40):
price of the full retirement age ofthe of the you know, higher way
journer. So there's something to considerin there too. That again not leaving
money on the table. When wetalk about our tax maren't retirement plans are
optimization tactics. We fully consider thatkind of stuff. Yeah, in today's
program, we are talking about thefive misconceptions the Social Security and we've discussed
(37:01):
how, you know, the thoughtthat that soci Security Trust Fund might go
broke, which seems to be amisconception as we think Washington will probably fix
that at some point, but itmight have an impact on you and your
benefits. We've also talked about thepotential taxation on your Social Security benefits and
then you know, we've also talkedabout optimizing your Social Security and how delaying
(37:21):
your benefits may not always result ina bigger check. And our last one
here and we did touch on thisin our last segment as well, is
you know, misconception number five beingyou can count on the Solid Security Administration
to help you, and they area group of good people, but they're
you know, probably overworked with ifyou look at the number of people claiming
sold security out there, so theyhave a lot going on and they're very
(37:44):
knowledgeable about the system, but theydon't have any knowledge of your individual situation.
They're not qualified as advisors. They'renot going to look at your taxes
and the impact that you know,your IRA distributions might have on all of
this. And so the Social SecurityAdministration is a good place to find information,
but probably not the best place togo for help. And that's why
it's so important to work with aqualified advisor who is able to help you
(38:07):
well. And before you do claimthose benefits, you're gonna want to make
sure that you sit down and talkto somebody who's going be able to walk
you through it. And and thisis where we see a lot of mistakes
happen. Is maybe you've been workingwith a financial advisor and you're getting to
that time where you're looking at,you know, claiming your Social Security benefits.
You go to set advisor, yousay, hey, you know,
what should I do? And alot of times what we've what we've heard
(38:28):
with the families that we sit downwith is they, you know, they
serve them the direction of maybe theyhave a CPA or or or or somebody
who's doing their taxes that hey,they know some you know they know about
your income, they should be ableto help you there. So you go
talk to you know, mistery missCPA. They point you in the direction
of, you know, the SocialSecurity Administration because they don't do that either.
And so you go to the SocialSecurity Administration because the name social Security
(38:50):
is there, it makes sense.And and you find out that Nate,
like you said, that they canonly tell you what you can get for
social Security today and and they don'tknow anything about your personal sit situation.
So in order to ultimately make thisdecision and get it right, you know,
there's a lack of advice that's outthere. And like Ryan you mentioned
earlier in the show, Joe Lucyone of the co hosts on the show
(39:13):
here and the founder of Security armof Radio, he wrote a book on
this, the Social Securities Guide forRetirees, and we know about it.
We've helped hundreds of thousands of orthousands of families go through and make sure
they get their social security decisions right. And if if you want to make
sure you get a right schedule ananalysis with us this morning at nine to
five to two, seven seven,seven eighty eight thirty eight. We'll sit
(39:36):
down we'll go through your numbers.We'll make sure that you consider all the
options when filing for your Social Securitybenefits. Right. And you know,
the Social Security Administration again, likeI said, they're doing the lord's work.
They're doing the best that they can. But they're they're overwhelmed and the
staff is the smallest. We heardlike in twenty five years the agency lost
(39:57):
four thousand employees during the pandem.Combine that with the largest group of retirees
in history hitting the hitting Social Security, and you can expect long wait times
and boy have burnt out employees,I guess. But what we're talking about
here is coming in and talking tosomebody like us that Joe Lucy's written a
book on this subject. He's trainedus all in it. We talk about
(40:20):
it every day. You know,the Social Security Handbook has two seven hundred
and twenty eight rules, and there'sone hundred thousands, and there's hundreds of
rules on top of those rules ofwhat we talk about. So it's impossible
for the staff at the Social SecurityAdministration to understand all those rules. And
I think, if you know,correct me if I'm wrong, but I
think they're forbidden to give you advicethey're only allowed to kind of answer direct
(40:45):
questions that you give them. Soeven if you don't know the direct questions
to when you're going to Social Securityand turning them on, you might again
be what we talk about is leavingmoney on the table, and that's what
we don't want. Yeah, it'sthose Security is probably, you know,
if not the biggest, it's oneof the largest financial decisions that you'll make
(41:05):
throughout your lifetime. So that's whyit's so important to get it right.
And I'd mentioned this earlier too.It's a one time thing. You make
this decision and you move on,and so that's why it's so important to
be proactive in this. And wetalk about the golden decade here, the
five years before retirement, in thefive years after, and you know,
so you start planning ahead, pulleverything into the equation, you know,
look at your full financial situation,and you know, have some help when
(41:28):
you make this decision, because it'sa real big one that you don't want
to get wrong. Well, you'reright, Nate, and you don't want
to get it wrong because if wouldyou be upset if you lost one hundred
and eleven thousand dollars in retirement income. Now, according to Forbes, ninety
six percent of Americans they forfeit anaverage of one hundred and eleven thousand dollars
in social scaredy income. And withthe Social Scarity Trust Fund, and in
(41:49):
as much trouble as it's in,it's never been more important to ensure that
you have the right strategy that helpyou get every penny of income that's rightfully
yours. Find out how you couldavoid losing tens of thousands, if not
hundreds of thousands of dollars in lifetimeincome with a free customized social Security analysis.
(42:09):
This free analysis, it's gonna pinpointexactly when you should file for your
Social Security that's gonna help you getthe biggest benefit check possible in retirement.
It also takes the impact the taxes, Folso benefits, Medicare premiums are more.
It's gonna make sure you get themost net income from Social Security.
(42:29):
So give us a call this morningat nine five to two seven seven seven
eighty eight thirty eight to schedule yourfree Social Security analysis nine five to two
seven seven seven eighty eight thirty eight. Some advisors are charging hundreds of dollars
for this. We're not going tocharge you a dime. Give us a
call this morning nine five to two, seven seven, seven eighty eight thirty
(42:51):
eight to schedule your free Social Securityanalysis. That's all that we have for
Secure Retirement Radio this week. ThanksRyan Nate for joining me this morning.
Uh. Dylan Mahlberg in for JoeLucy this morning. Everybody, have a
great weekend. He's a certified financialplanner, fiduciary, and a contributor to
the Wall Street Journey and he's noordinary Joe. You're listening to Joe Lucy
(43:14):
on Secured Retirement Radio.
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