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Outdated Financial Rules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

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