Deciding when to take Social Security is one of the most critical financial decisions you’ll face as you approach retirement. Should you claim benefits as soon as you’re eligible at 65 or hold out for the Full Retirement Age of 67? In this episode, we’ll dive deep into the factors that can impact this choice, including health, financial needs, employment status, and long-term retirement goals.

We'll break down the key differences between taking Social Security at 65 versus 67:

• Claiming at 65: Provides immediate income, but with a permanent reduction in monthly benefits. We'll cover how the earnings limit might reduce your benefits further if you’re still working, and how this option could benefit those with immediate financial needs or health concerns.
• Waiting until 67: Offers full benefits with no reductions. Discover how this choice allows for higher lifetime payments, reduces the impact of taxes and earnings limits if you’re still working, and boosts inflation protection over the years with a higher base for future cost-of-living adjustments (COLA).

Join us as we explore these options and discuss essential considerations like longevity, current financial stability, and inflation, helping you make an informed choice that aligns with your unique retirement vision. Whether you're planning ahead or approaching retirement now, this episode will equip you with insights to make the best Social Security decision for your future.

In this episode, we dive into a common question: Is money in an IRA guaranteed? The short answer is no—but there are specific ways to structure an IRA that can provide some level of financial security. Join us as we explore the unique options within IRAs that offer built-in protections for your funds.

We'll cover three key products that can add stability to your retirement planning:

1. IRA Multi-Year Guaranteed Annuities (MYGAs): These provide a fixed interest rate for a set number of years, ensuring both your principal and interest are preserved as they grow over time.
2. IRA Fixed Index Annuities (FIAs): With these, your funds are protected from market downturns, with returns tied to an index like the S&P 500. This allows for potential growth while safeguarding against negative performance.
3. IRA Certificates of Deposit (CDs): These CDs offer fixed interest rates and are FDIC-insured up to certain limits, providing a secure, predictable way to grow your funds.

We’ll also break down why traditional IRAs invested in stocks, bonds, or mutual funds lack this level of protection, which means they’re subject to market ups and downs. Whether you're looking for growth with peace of mind or weighing riskier investment choices, this episode provides a clear look at options for securing your retirement funds.

Thinking about retiring at 65 but unsure if you have enough saved? In this episode, we break down a step-by-step guide to help you calculate the minimum amount needed to retire comfortably. From estimating 70% of your current household income to evaluating Social Security benefits, we dive deep into everything you need to know to see if your savings will be sufficient.

Here’s what we cover:

1. Calculate Your Income Needs: Learn why 70% of your current income is a solid benchmark for your retirement income target—and how to calculate it.
2. Social Security Benefits: We’ll discuss how to estimate your Social Security income at 65 and factor it into your retirement planning.
3. Using an Annuity Calculator: Discover how to use our annuity calculator to project income from savings and retirement accounts, helping you make your retirement savings last.
4. Combining Income Sources: We explain how to add up Social Security and annuity income to determine if your combined resources meet your 70% income target.
5. Comparison at Age 67: Should you delay retirement? We’ll walk through the same process for age 67, giving you the tools to weigh the benefits of working an extra two years.

Tune in to find out if you’re financially prepared to retire at 65 or if waiting until 67 might be your best move for a more secure future. Perfect for anyone aiming to retire comfortably without guesswork!

Use our Calculator!