Social Security Claiming Tips for Diverse Family Situations

Social Security claiming strategies can vary greatly depending on family dynamics. This episode explores how different family situations, such as those with a stay-at-home spouse or a blended family, can impact when and how to claim Social Security benefits to maximize your retirement income.

 

Helpful Information:

PFG Website: https://www.pfgprivatewealth.com/

Contact: 813-286-7776

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Speaker 1:

PFG Private Wealth Management LLC is an SEC registered investment advisor. Information presented is for educational purposes only, and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. The topics and information discussed during this podcast are not intended to provide tax or legal advice. Investments involve risk and unless otherwise stated are not guaranteed. Be sure to first consult with a qualified financial advisor and/or tax professional before implementing any strategy discussed on this podcast. Past performance is not indicative of future performance. Insurance products and services are offered and sold through individually licensed and appointed insurance agents.

Speaker 2:

The rules of retirement have changed. No longer can most of us rely on Social Security or a single pension to fund our futures. We're living longer and retirement doesn't just last a handful of years anymore. Instead, you might stay retired for 20 or 30 years and maybe even more. We need to look at retirement through a new lens with fresh eyes, with a new approach and plan of attack. Here to answer the call, our financial advisors, John Teixeira and Nick McDevitt of PFG Private Wealth Management serving you throughout the Tampa Bay area. This podcast is Retirement Planning - Redefined, and it starts right now.

Marc Killian:

Time for another edition of Retirement Planning - Redefined with John and Nick, financial advisors at PFG Private Wealth. Make sure you subscribe to the podcast on whatever podcasting app you like using. Just type in Retirement Planning - Redefined, or find it online at pfgprivatewealth.com. That's pfgprivatewealth.com, and while you're there, you can book an appointment with the guys right there at the top of the page. Just click on the little tab and get started today. We're going to get into Social Security conversation this week with the guys, some claiming tips for family situations, different kind of family situations that are out there before we get rocking and rolling. Nick, how are you doing, my friend?

Nick McDevitt:

Doing pretty good.

Marc Killian:

Yeah, hanging in there?

Nick McDevitt:

Oh, yeah. Slightly enjoying the cooler weather, but I always enjoy hoodie weather, so I could use a couple more degrees, but.

Marc Killian:

Okay.

Nick McDevitt:

But not too bad.

Marc Killian:

Not too bad. And John, how are you doing with the herd down there? Everybody doing all right?

John Teixeira:

Yeah, everyone's good. Everyone's trucking along. Yeah, my daughters are in karate, so they're enjoying that.

Marc Killian:

Oh, nice.

John Teixeira:

And debating what the next step is for one of, actually, they run around kicking me all the time now.

Marc Killian:

Yeah, they're going to ninja flip you all over the house.

John Teixeira:

Nice. I'm trying to get my youngest one into flag football so I just bought her a football and throwing it.

Marc Killian:

Very nice.

John Teixeira:

My wife's like, "No, no, she's doing softball."

And I'm like, "Whatever."

Marc Killian:

Nice.

John Teixeira:

So we're trying to get her into some sports here, so it should be fun.

Marc Killian:

Good, good stuff. Good stuff. Well, since we're talking about families, let's talk about the Social Security breakdowns on some things. Claiming strategies vary, obviously from dynamic to dynamic. In this episode, let's just run through some stuff. I guess we'll start with the broad view, fellas. Social Security claiming strategies, there's a lot of it. I mean, it can get a little overwhelming, which again is important to work with somebody who has some experience in this. Whoever wants to tackle that, what's your thoughts on just the sheer number of claiming strategies that are out there?

John Teixeira:

There's a lot. There's a lot of them, but it really boils down to a few that you end up doing. I think the most important thing is to understand your current situation, whether it's the discrepancy of what the income's going to be for each person. If you're filing jointly or you have two people taking Social Security and u