When Should You Claim Social Security in a 30-Year Retirement? (Ep. 6)
When should you claim Social Security, and how could that decision affect your retirement income, taxes, and your spouse’s benefits? If you’re approaching retirement, deciding when to take Social Security involves more than choosing between age 62, full retirement age, and 70.
In this episode, Gary Bowman explains why deciding when to claim Social Security should be part of your broader retirement income and tax plan. He explores how continued work, health, family longevity, IRA withdrawals, and your spouse’s age can influence when you file. Gary also explains Social Security spousal and survivor benefits, how Social Security may be taxed, where Roth conversions may fit, and what recent rule changes mean for certain public-sector retirees.
Key Takeaways:
- Why there isn’t one answer for when to claim Social Security
- How claiming at 62, full retirement age, or 70 can affect your monthly benefit
- What Social Security spousal and survivor benefits mean for retirement income
- How IRA withdrawals and other income may affect Social Security taxes
- Where Roth conversions may fit before required minimum distributions begin
- What recent Social Security changes mean for certain public-sector retirees
- And more!
Resources:
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