Neal Templin

speaker

97 appearances 1 recordings 1 series first heard May 2021 last heard May 2021

Neal Templin’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Common Social Security Mistakes and How to Avoid Them · 10 May 2021 podcast

So it's a little bit contrary to the conventional wisdom.

But sometimes early in retirement, particularly before you begin taking Social Security, it can make tax sense to take money out of a tax deferred account.

It's very complex, and the rules for Social Security are just hundreds of pages.

And the more you learn about it, the more you learn what a complex and Byzantine system it is.

But the bottom line is it gives a lot of protection to people.

So it really is worth spending a little time to understand the basic rules or working with a professional who can help you maximize your benefits.

Yeah, the Social Security Administration sends forms yearly talking about what they believe based on your current earnings history, what sort of benefit you should have at your full retirement age.

And you can also create an online profile.

I've got one.

You can go and check and it'll tell you.

And it's constantly getting updated that you're going to get this much money at full retirement age.

And from that full retirement age, then you can sort of work forwards or backwards to get how much you'd get money you'd get at different ages.

I think the Social Security Administration also gives you a couple of different points.

But here's the deal.

After you hit full retirement age, your benefit goes up by 8% per year.

So if you have a full retirement benefit of $1,000 of age of 67, then you would get $1,240 or 24% above by waiting till 70.

My pleasure.

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