Start Social Security Earlier to Smooth Lifetime Tax Liability

0:00It's Sunday and I'm wrapping up the week by summarizing this week's theme. When you shouldn't delay social security, five smart reasons to claim a bit earlier. Now in case you missed any of the episodes this week, here's what we covered. I talked about why it makes sense oftentimes to claim early when you're not worried about out living your assets, which is counterintuitive, but yes, I talked about situations where married couples benefit from a split strategy where one spouse claims earlier while the other waits. I talked about longevity and family health history, your own health history as an important consideration of whether to claim earlier. I talked about how claiming earlier can really help you avoid spending down your assets. So it's interesting. Claiming earlier can help you when you're not worried about out living your money and I can help you when you are worried about out living your money.

1:00But there's also good reasons to delay as well. Oh, by the way, last yesterday I talked about why starting social security earlier can help smooth out your lifetime tax liability and lead to less taxes and more money in your pocket, potentially over your retirement. The bottom line here is that it's easy to get tied up in knots and have some paralysis by analysis and making the best decision when it comes to starting social security. It is a highly individualized decision. And it's not just based on your own unique circumstances, but it's also based on unknowables like how long you're going to live. How is your portfolio going to perform and hold up over the years? What are tax rates going to look like in the future? So rather than being obsessed about making the optimized perfect decision, I hope that this week's episodes help you ponder situations where it might make sense to start social

2:00security a bit earlier, rather than following the conventional blanket advice of waiting as long as possible. All right. If you are enjoying the podcast, be sure to subscribe and follow, leave a review, and share the podcast. Do you know somebody who is agonizing over making a social security decision? They can't decide. It's a very common problem, and sharing this week's episode might help them think about considerations they never considered before. Also, if you are interested in learning more about working with me, you can check out my website trunorthra.com, or you can book a free 15 minute call with me. And lastly, tomorrow, I am starting a brand new theme, financially secure, not flashy, but a quiet millionaire formula for retirement. So I'll talk about how living a low key millionaire lifestyle and retirement is going to help your money outlast you. And why being a quiet millionaire is so important, especially as your wealth grows over time.

3:06I hope you have a blessed Sunday. My name is Ashley Michike, and this is the Retirement Quick Tips podcast.