In this episode, Alex and Wade answer various Social Security questions from their listeners. They discuss the limitations of online Q&A and the importance of seeking professional advice for personalized financial planning. They also address the availability of tools for running hypotheticals on Social Security claiming strategies. The hosts delve into the complexities of claiming Social Security at different ages and the potential impact on taxes and spousal benefits. They provide insights on claiming an ex-spouse’s Social Security and discuss the considerations of age difference and life expectancy in determining the optimal claiming strategy. Lastly, they share personal updates on their fitness goals and tease the next episode on reverse mortgages. Listen now to learn more!

Takeaways

• Seek professional advice for personalized financial planning rather than relying solely on online Q&A.
• Tools for running hypotheticals on Social Security claiming strategies are limited, but resources like Open Social Security can provide some insights.
• Claiming Social Security at different ages can have implications for taxes, spousal benefits, and survivor benefits.
• Eligibility for claiming an ex-spouse’s Social Security depends on factors such as length of marriage and timing of divorce.
• Consider age difference and life expectancy when determining the optimal Social Security claiming strategy.
• Personal updates: Alex and Wade are working on their pull-up goals and discussing the benefits of hanging exercises.
• The next episode will cover reverse mortgages.

Chapters

00:00 Introduction and Q&A Arc

03:01 The Limitations of Online Q&A

04:13 Tool for Running Hypotheticals on Social Security

07:43 Claiming Social Security at 70 and Tax Planning

11:31 Claiming Ex-Spouse’s Social Security

14:45 Claiming Social Security at 62 and Spousal Amount at Full Retirement Age

17:41 Claiming Social Security at 69 and Spousal Amount at 67, or Waiting Until 70

22:47 Impact of Age Difference and Life Expectancy on Claiming Strategy

27:15 Personal Update: Pull-Ups and Hanging Exercises

31:19 Closing Remarks and Preview of Next Episode

Links 

The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/ 

This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips