Why You SHOULD Claim Social Security EARLY (Tax Planning)
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- Опубліковано 9 кві 2024
- Why You SHOULD Claim Social Security EARLY (Tax Planning)
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Are you approaching retirement age and wondering when to claim your Social Security benefits? 🤔 It's time to consider a strategy that could maximize your retirement income and minimize your tax burden! 💼💵
In this insightful retirement video, we dive deep into the often-overlooked benefits of claiming Social Security early for tax planning purposes. 💡 From understanding how your benefits are taxed to exploring strategies that could help you retain more of your hard-earned money, we've got you covered. 📊💸
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Retirement income strategies and retirement income planning are two big pieces to anyones retirement planning calculator. Whether you are wanting to know strategies for "retirement planning at 30", "retirement planning at 40", "retirement planning at 50", or even "retirement planning at 60" understanding how much retirement income that you want versus how much you need gives you a roadmap to follow to and through retirement.
Here at Pearl Wealth Group, we run a trademarked retirement investment and retirement income plan for individuals and families who are wanting to retire called "Your Financial EKG™." What we are trying to visualize is how long a persons retirement savings are going to last throughout retirement. If you are looking for early retirement planning tips or trying to saving for retirement in your 50's, You Financial EKG™ is a great tool to help you understand where you are retirement planning. Retirement planning and retirement income strategies shouldn't be complicated. They should just be done right.
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Pearl Wealth Group
Drew Blackston, CRC® & RFC®
Office: 813-807-5060
Info@pearlwealthgroup.com
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Getting you to Retirement, through Retirement, & protecting YOUR ability to stay in Retirement!
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My social security is as follows: age 62, $2180, age 67 $3100. I will get paid $90k more if I collect at age 67 vs. age 62 and live till the age of 87. $35k more if I live till age of 82. Both my parents passed away at age 82. I'll collect at age 62. 😀
Do your thing!
When to take SS. Exactly what I am looking at as well. However, my situation is a little different. I am a single tax filer who retired last year at age 54 to take care of my child. I get some rental income and am on ACA for health insurance. My 401K is about 500k. My current plan is to do something in between with SS, take my SS at age 65 once I am not on ACA anymore. From age 60 to 65 I am planning on taking just a small distribution from my 401k, about 20k per year. Of course I keep an eye on this using New Retirement, and will adapt as necessary. Who knows what comes up. As of now, I don't need to worry about things like IRMAA. And large ROTH conversions don't make much sense for my situation. As always, very helpful video!!
Great comment and thank you for sharing!
I really like your UA-cam channel, keep up the great work!
Thank you very much! Thank you for watching!!
Greetings from the 🇵🇭. Oh my 50k expenses…craziness! My expenses is $500/month average. I will be collecting at 62 in God’s will.
Sweet!
Oh, I get it. Nice. Thanks.
Glad it helped!
Great stuff, new subscriber here!
Welcome aboard!
You can’t will your kids social security payments.
You can leave pretax 401k money to your kids, (they may even be in a low tax bracket if you are an older parent and they spent some years in college)
Everyone talks about planning their retirement around how much they can leave to their kids but I’ve never actually met anyone who is doing that. My kids make more money than I ever did and have more education. They certainly have more time to prepare for retirement than I do. All of my planning is for my wife and myself.
@@johnscott2746 We are fortunate to have more than enough
Great point!!
That’s good John, but many younger people don’t make as much as their parents. Be glad your children are doing well. My best friend son makes over one million dollars a year and he can relate to you.
I suspect the better answer would have been to have the lower earner take it at 62, and the higher earner wait until 70. This would maximize the survivor benefit. Their taxes would have still been very low, yes they would have paid a little more in taxes between 62 and 70, but because taxes are progressive this would have lowered there future taxes as it would reduce future RMDs. Their future RMDs are going to be entirely taxed in the 15% or higher because of the amount of social security they would collect. If you are doing tax planning you know your answer is wrong if you pay $0 taxes for any year. You should not choose to pay $0 this year so you can pay >20% in the future. Realistically tax planning should be optimized based upon minimizing taxes and disconnected from spending. Yes you need to cover your spending, but it might be beneficial to pay taxes on additional money if it would reduce your future taxes.
Makes a ton of sense!
Great point Jerry
The survivor benefit maxes out at your full retirement age. Waiting till you are 70 does not count.
@@drewshubeck3000 No you are confusing the spousal benefit which maxes out based upon the FRA with the survivor benefit which is the larger of the two benefits being received.
And you can't easily calculate the value of taking it late for longevity insurance.
Drew - why wouldn't you also factor in their $10,600 combined Personal exemption in you net tax calculation? The 2026 inflation adjusted Standard deduction is $16,600 per the Cato Inst. It effects your analysis
Thanks for the comment. This is just a simple calculation (which I mention in the video). The software goes into much more detail and factors in everything. This is simply a way to get the conversation started for someone.
i think he is wrong. provision income is used to calculate how much of ss is taxed . in this case its zero . so there taxable income is 3800 please let me know who is correct
Here is an article from IRS.gov that might help: www.irs.gov/newsroom/filing-season-reminder-social-security-benefits-may-be-taxable
Yes, Drew is wrong and you are right. Additionally, this couple could convert around $21,000 to a ROTH and still pay zero taxes with the offset of the standard deduction.
I did no regrets whatsoever.
Awesome!
How does anyone live off just $50K a year?
If you have no debt, it can be done.
As many expats say you can live like a king living in the 🇵🇭
Every place is different
@@amaliahightower Horrible weather, Chyna, Typhoons, you're an outsider forever. No thanks.