Claiming Social Security as soon as you become eligible at age 62 is a common choice for Americans. While understandable, this decision can have significant, and often underappreciated, long-term consequences. For many, the urge to claim early may stem from financial necessity, lack of other income sources, or simply a desire to “get what you’ve paid for.” However, claiming early can reduce your benefit by as much as 30% compared to waiting until your full retirement age (typically around 67).

If you are in the fortunate position of having other income sources, such as a pension, 401(k), brokerage accounts, or IRAs, delaying Social Security becomes a viable strategy. This moves the decision away from immediate need and toward maximizing lifetime income, building multigenerational wealth, and supporting charitable or legacy goals.

• [00:00] Most Americans claim Social Security at 62 due to a lack of other income, but those with additional resources or financial advice might delay claiming for long-term wealth planning.
• [04:16] Consider life expectancy in financial planning, especially for married couples.
• [08:56] Evaluate claiming benefits at different ages to optimize long-term financial outcomes, considering life expectancy and age gaps between spouses.
• [11:38] Social Security benefits, combined with other income, affect your tax bracket.
• [16:00] It’s important to integrate Social Security decisions into your broader retirement plan, considering income sources, tax liabilities, legacy goals, and timing.
• [17:18] Retirement tax decisions are complex, involve varying tax rates, and impact Social Security timing strategies.

***********

📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to assure you are positioned to experience your ideal retirement.

Chad and Mike break down the major moves in US and international markets from the past quarter, revealing why diversification works unexpectedly. They chat through the impact of recent tariff news, what those headlines might mean for the economy and your portfolio, and share evidence-based strategies for taking action (or not!) when markets get rocky.

• [0:00] Major moves in US and international markets from the past quarter
• [4:22] The benefits of diversified portfolios
• [9:15] Trade deficit and tariffs explained
• [9:54] Tariffs impact product prices, and consumer costs increase
• [13:03] Historic tariff surge of 22% shocks the stock market
• [16:27] Top Tech Chart Insights
• [20:39] Interest rates are expected to decline, making equities better for long-term growth

***********

📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to assure you are positioned to experience your ideal retirement.

Market volatility is never comfortable, but with the right mindset and a thoughtful plan, you can face downturns not as a victim, but as an opportunist. On this episode of the Financial Symmetry Show, we’re sharing our advice on managing your finances amid turbulent markets and giving you a helpful checklist to guide your decision-making when headlines make your stomach flip.

• [0:00] We discuss the importance of planning, reviewing its steps, and controlling expectations during unforeseen events.

• [4:29] Evaluate income, expenses, job security, income sources, and potential risks in financial planning.

• [7:14] Consider delaying major purchases or expenses if income is uncertain. Assess whether postponing could increase costs or cause issues.

• [12:53] Prepare for significant financial events that may impact your portfolio, like downsizing a home or receiving a large sum.

• [14:17] Evaluate your portfolio by considering your stock choices.

• [17:32] Avoid panic selling stocks, which often leads to long-term financial regret.

• [22:50] Take informed action for peace of mind; mindset and planning are key.

***********

📰 See the full show notes here

🌐 Sign up here to receive a detailed pre-retirement checklist to assure you are positioned to experience your ideal retirement.