Mailbag: When Should I Take Social Security?

Today’s Prep:

Are you wondering how much longer you really have to wait before claiming Social Security? Or are you looking to find the perfect financial advisor but haven’t found them yet? Eric answers three questions from the mailbag in this week’s podcast.

(Click the featured times below to jump forward in the episode)

Equipping Points:

We take three listener questions today on the podcast. For instance, did you know that you don’t have to claim Social Security the same time as you retire? Or have you wondered if taking on a home renovation project is a bad idea or a good one? Find out Eric’s thoughts on these three questions from the mailbag.

Dwayne in Newton is only 57 but hears that working until 70 before claiming Social Security is when you’ll get the biggest benefit. He can’t imagine waiting this long until retiring. Eric reminds him that you can retire without taking Social Security if you have other forms of retirement income. Talking through your specific situation with an advisor can help you realize when retirement can become a reality.

Ron in West Des Moines noticed a home in the neighborhood that was flipped and went up significantly in value. Given that, is now a good time to refinance and re-do the kitchen? Eric talks about enjoying your life and not only just saving for retirement. Consider what you want out of this home. Then think about the most strategic way to get the money to pay for the home renovation project.

Kim in Ankeny has met with seven different financial advisors and none of them seem perfect. Should she keep visiting more or stop being so picky? You need to find someone who has your best interest. Eric refers to Malcolm Gladwell’s book titled Blink which talks about trusting your gut reaction. Make sure an advisor demonstrates what they do and how they do it in advance, not just telling you about investments. 

0:46 – Mailbag: Should I wait to take Social Security until 70?

2:22 – Do you understand the taxes with Social Security?

4:37 – Mailbag: Should I refinance my home and re-do my kitchen?

7:40 – Mailbag: How do I decide the perfect financial advisor for me? 

Today’s Takeaway:

Related Resources:

Financial Truth Bombs

Outdated Financial Rules

More From Eric:

The host: Eric Peterson - Contact - Call: (515) 226-1500

Subscribe To The Podcast:

Apple Podcasts  -  Google Podcasts  -  Spotify  -  Stitcher  -  iHeartRadio  -  TuneIn

Check out some other recent episodes

Things Your Financial Advisor Might Not Be Doing

December 7, 2023

Sometimes people get advice from financial “professionals” who maybe aren’t the right fit for their needs. Today, we discuss some of the things your advisor might not be talking to you about.

Read More

Tax Consequences

November 30, 2023

Taxes are a major part of your life, especially your life in retirement. Having a good understanding of how you can prepare may save you in the long-run. Discussing your options with a financial advisor can help point you in the right direction. Listen in as we chat about tax consequences in today’s episode.

Read More

Cutting Corners Financially

November 21, 2023

Sometimes we want to take the easy way out instead of the smarter way. Today, we talk about ways people have tried to cut corners financially and where that falls apart. Think you can take extra risk to make up for lost time? Letting your financial life fall to disarray?

Read More

Risk Aversion

November 16, 2023

No one loves losing money. So how do you strike the right balance of investing vs. being overly risk averse? Eric talks through how he guides clients through this dilemma. You might be surprised to find out your investment accounts are riskier than you realized!

Read More

Tax Planning in Retirement

November 9, 2023

Next to income, tax planning is the most important thing Eric focuses on with his clients. If you can control how much tax you pay, it’s more money you get to keep, spend, and enjoy. Retirement is a prime time to focus on tax planning as you have more opportunity to control the taxes you owe. 

Read More

Overconfidence in Your Financial Life

November 2, 2023

When can overconfidence cause catastrophe? If you are setting your financial goals based on a rule of thumb or a certain arbitrary dollar amount, you might want to reconsider. Having overconfidence, especially in the wrong things, can lead to financial disaster.

Read More

Learning From Financial Mistakes

October 26, 2023

Sometimes we learn from our mistakes, and unfortunately, sometimes we make the same mistake over and over. Having a financial advisor can help you navigate through your financial decisions so you don’t get stuck in the same rut of financial mistakes on repeat. In today’s episode, Eric will share some of the mistakes that he sees people make frequently. 

Read More

The Hierarchy Of Retirement Needs

October 19, 2023

You may be familiar with Maslow’s hierarchy of needs which breaks down a human’s needs into five different tiers. In today’s episode, we apply those tiers to what you need when retirement planning. Have you planned and saved in a way that will cover all of these needs?

Read More

Finances with Forrest Gump

October 12, 2023

The classic movie, Forrest Gump, is full of great quotes. We see how some of those quotes can be applied to your finances. From figuring out what to do when life isn’t going just like you thought to learning from past mistakes, there are a lot of takeaways from Forrest.

Read More

Financial Matters People Put Off

October 5, 2023

Humans can be really good at procrastination. When we have the basics covered, it’s easy to put off the decisions and actions that we don’t want to deal with just yet. Today, we talk about some of the financial matters people are prone to put off and what you would be better off tackling right away. You might be surprised to find it wasn’t so hard to handle after all!

Read More

Leave a Comment