Your Money, Your Wealth

Social Security changes are now in effect. In episode 27 of the YMYW podcast, Joe Anderson, CFP® and Big Al Clopine, CPA explain the best ways to maximize your benefit despite two major claiming strategies now eliminated. Listeners are also faced with the realities of retirement, as Joe and Al debunk common retirement and Social Security myths. Original publish date May 7, 2016 (hour 1). Note that content may be outdated as rules and regulations have changed.  Download the Social Security Handbook 00:00 - Intro 06:07 - “The (2016) retirement confidence survey (by Employee Benefits Research Institute) reports that almost half- 47% of workers surveyed – think they’ll need to save at least $500,000 for a comfortable retirement” 11:24 - “At certain income levels, your Social Security income is tax-free” 15:44 - “Even if you’re currently retired, you have to look at what tax consequences are on the income you are producing” 16:55 - “That’s what Social Security is giving you, it’s a delayed retirement credit of 8%