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Your Social Security decisions can significantly impact your financial future. How can you make the most of these benefits while avoiding common pitfalls?
In this episode, I explore three lesser-known Social Security strategies that could transform your retirement income plan. From timing benefits to maximizing survivor payouts, I give practical advice to help you make informed decisions for a stronger financial future.
Tune in to learn about:
- Withdrawing Social Security applications to correct early filing decisions, including the repayment process and impact on benefits
- Suspending benefits at full retirement age to increase future payouts or enhance survivor benefits for a spouse
- Claiming six months of retroactive benefits for flexibility in tax and income planning
- The tax implications of Social Security strategies, highlighting scenarios where planning minimizes lifetime tax liability
- The importance of consulting financial advisors who specialize in retirement to tailor strategies to individual circumstances
- And more!
Related: Glowing Older: Embracing Aging, Wellness, and Purposeful Living