YFP 242: Social Security 101: History, How it Works, and Why it Matters for Your Financial Plan
Your Financial Pharmacist
English - February 10, 2022 10:00 - 34 minutes - 31.9 MB - ★★★★★ - 162 ratingsInvesting Business pharmacy retirement debt finance pharmacist Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
YFP Co-Founder & Director of Financial Planning, Tim Baker, CFP®, RLP®, talks about social security retirement benefits, how they are funded, how to determine eligibility and considerations for receiving benefits.
Key Points From This Episode
An introduction to today's topic and a reminder that we can help you with your tax. Addressing why people aren't having enough conversations about social security retirement benefits. Hear some intense statistics about retirement and working longer that will blow your mind. Talking about the history of social security and the difference between that and a 401(k). Being protected against inflation by being inflation-adjusted. Tim talks us through some annuities and numbers in a basic scenario. Discussing our huge year next year from an inflation perspective. How retirement is not just a money decision, it's an emotional decision. Tim digs a little into the different ways scarcity fear can arise during retirement. Looking at your pay stub: explaining credit and payroll taxes. The outcomes of the three ages of retirement: early, full, and delayed. Touching on some of the nuances around health and spousal benefits.Links Mentioned in Today’s Episode
File Your Taxes with YFP Tax The Social Security Act The Biggest Mistakes People Make With Social Security My Social Security Account YFP Planning: Financial Planning for Pharmacists Your Financial Pharmacist Disclaimer and Disclosures