Joe Anderson, CFP® and Alan Clopine, CPA discuss Social Security strategies for couples claiming spousal benefits in episode 75 of the YMYW podcast, as well as strategies for single people to consider. "Big Al" closes the hour discussing the downsides of annuities. Original publish date October 22, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed. 00:00 - Intro 02:25 - "Many Americans will be living solely off Social Security... people are going to need to play catch-up." 04:50 - "There are new law changes that happened with Social Security last year when it comes to restricted application and file and suspend." 06:24 - "There are two different benefits that you claim from Social Security if you're married: you can claim your own or you can claim the spousal benefit. The spousal benefit represents 50% of your spouse's benefit." 10:10 - "Just a couple of years deferring your Social Security and deferring your overall retirement means added savings and added benefits." 11:10 - "The full retirement age right now is age 66…but you can delay it as late as age 70. Every month you delay Social Security you get an increased benefit." 11:58 - "If you look at us collectively, it makes sense to wait. But if you look at us individually, it's a whole different matter. Even though we try to tell people to wait until they're 70, there are situations when you should take it early. One situation is if you're disabled." 13:38 - "If you push it (your Social Security benefit) out three years, it adds 30% more income." 21:45 - "Which annuity is better for a hands on investor?" 25:25 - "Variable annuities are very expensive…understand that variable annuities have high internal costs…and people are purchasing them for guaranteed income." 29:19 - "You have to look at the present values of those future cash flows to figure out what your internal rate of return is." 30:34 - "In most cases I would not recommend a variable annuity, I would recommend an immediate annuity. An immediate annuity means you're going to give your money to an insurance company and immediately receive income. That's the cleanest way to receive guaranteed income." 37:35 - "When it comes to retirement accounts, one of the things that is often overlooked is taxes."

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