7 Social Security payment strategies you need to know
Learn how inflation can affect your social security payment. Then, kick off your journey to financial independence by eliminating credit card debt with this free 7-Step Credit Card Debt Slasher.
What is the tradeoff of collecting Social Security payments earlier
When should you start taking social security payments? What if you and your partner have a big age difference or income disparity? How do those factors impact your decision?
Mike Piper is a CPA and author of several books on personal finance, including Social Security Made Simple. Mike has 15 years of experience in retirement planning and Social Security, and he is the creator of the Oblivious Investor Blog and the free Open Social Security Calculator.
On this episode of Queer Money®, Mike joins us to explain the tradeoff between an earlier but smaller Social Security benefit versus a later but somewhat larger one. Mike discusses why being married is an advantage in collecting Social Security and how spousal and survivor benefits work, describing how age difference, earnings history, and health influence your decision on when to apply.
Listen in for insight on how inflation impacts Social Security and learn about the best online resources for calculating benefits based on your individual circumstances!
Listen to get more insight on social security payment strategies
Topics covered on social security payment strategies
- The myth that Social Security will run out of money before millennials or Gen Z retires
- Mike’s insight on where to start as you try to figure out when to claim Social Security
- The tradeoff between an earlier but smaller Social Security benefit vs. a later but somewhat larger one
- 3 factors married couples must consider in deciding when to start taking Social Security
- How a significant age difference between you and your partner impact your benefits
- The benefit of comparing the payout you get from delaying Social Security with the level of income you can safely get from other resources
- How inflation does and does not impact the decision on when to claim Social Security
- Why Mike suggests that unmarried individuals wait until age 70 to start taking Social Security benefits
- Why Mike is not a fan of taking social security payments at 62 and investing that money (and what you might do instead)
- How being married is an advantage in collecting Social Security, i.e., spousal and survivor benefits
- Why the higher-earning spouse should delay Social Security benefits until age 70 and the lower-earning spouse should start collecting at 62
- Mike’s take on the best online resources for calculating your Social Security benefits
Connect with Mike
- Michael Piper, LLC
- Open Social Security.com
- Oblivious Investor.com
- Email [email protected]
Resources on social security payment strategies
- Social Security Made Simple by Mike Piper
- When Can I Start Taking Social Security? on Queer Money EP320
- ImmediateAnnuities.com
- Maximize My Social Security.com
- Social Security Solutions.com
- CreditWise
Connect with David and John
- Debt Free Guys on Facebook
- Debt Free Guys on Twitter
- Debt Free Guys on Youtube
- Queer Money Facebook Group
- Queer Money on Instagram
- Subscribe on Apple Podcasts
- Email [email protected]
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We’re David and John Auten-Schneider, the Debt Free Guys (www.debtfreeguys.com) and hosts of the Queer Money® podcast. We help queer people (and allies) live fabulously not fabulously broke by helping them 1) pay off credit card debt, 2) become part- or full-time entrepreneurs and 3) save and invest for retirement.