Unlock the secrets of Social Security with expert Paula Christine! From retirement planning to divorce impacts, this episode covers it all. Don't miss out on crafting your secure financial future. Listen now! #RetirementPlanning #SocialSecurity
In this episode of Beyond the Paycheck, Paula Christine addresses key questions about Social Security, retirement timing, and planning for different financial scenarios. With a listener's query in mind, Paula and Kevin discuss when to start collecting Social Security, the impact of spousal benefits, and considerations for delayed retirement. They also touch on common mistakes, like rushing into decisions without fully understanding the tax implications or the long-term consequences for a spouse. Whether single, married, or divorced, this episode offers valuable insights to ensure financial security throughout retirement.
Episode highlights:
(0:00) Intro
(1:26) Key factors for early retirement
(2:12) Delaying Social Security for higher benefits
(3:02) Social Security in spousal scenarios
(5:09) Common Social Security mistakes
(6:25) Tax implications of Social Security
(8:33) Social Security after divorce
(9:51) Survivor benefits explained
(12:15) Calculating the cost of living in retirement
(15:45) The reality of expenses in retirement
(16:24) Importance of early retirement planning
(20:37) Special considerations for the self-employed
(22:13) Power of compounding: Why start early
(23:53) Changing your mindset on financial planning
(24:40) Outro