EP 032: Social Security - The Decision of a Lifetime
Trust the Plan Podcast with Nick Hopwood, CFP® and Jim Pilat, CFP®
English - March 22, 2018 13:46 - 21 minutes - 19.3 MB - ★★★★★ - 8 ratingsInvesting Business Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Social Security is More than a monthly check. Do you realize it can be worth well over a million dollars?
Its a pension with cost of living inflation adjustments, which pretty much do not exist anywhere else. It is a pension for a homemaker which you can’t get anywhere else. You can to control when to turn it on to maximize your benefits. It provides for your spouse if you die. It provides for your children if you die when they are under 18. It provides disability benefits. Simply put, it is amazing. All these benefits truly are amazing but there is a catch - this is why the system is broken and massively underfunded.
The most common question I get from people is, when should i begin my benefits? Followed by, from younger folks, Will SS be there for me? And will I be there for SS, which means if I die young what will happen to my benefits? ok, let’s tackle some of these questions.