Video from Facebook live stream from the Facebook group, “Taxes in Retirement,” from March 3, 2021. Discussions of what to consider when deciding when to start claiming your Social Security benefits

Apologies for the poor video quality 😢 🎥 For some reason, the stream that day was poor. But the audio was fine throughout

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#SocialSecurity #FinancialPlanning​​​ #RetirementPlanning

DISCLAIMER: This video is only helpful hints and education. It is not specific tax, legal or investment advice. Before considering acting on anything you see in this video, first consult with your tax, legal or investment advisor. While the information expressed in this video is believed to be accurate, neither Andy Panko, CFP®, RICP®, EA nor Tenon Financial LLC make any guarantees to its accuracy….(read more)

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Title: Maximizing Your Benefits: When to Claim Social Security (Facebook Live, March 3, 2021)

Introduction:
Social Security benefits play a critical role in the financial wellbeing of millions of Americans. As retirement approaches, it is essential to make informed decisions regarding when to claim your Social Security benefits to maximize their long-term value. To shed light on this vital topic, a recent Facebook Live session on March 3, 2021, explored the nuances of claiming Social Security benefits and provided comprehensive insights into making the right choice.

Understanding Social Security Benefits:
Social Security benefits serve as a safety net, providing financial support to eligible individuals, including retirees, disabled individuals, and survivors of deceased workers. Claiming benefits at the right time can significantly impact the amount you receive over your lifetime. The Facebook Live session aimed to arm viewers with the necessary knowledge to maximize their benefits effectively.

Exploring the Factors:
Several key factors come into play when deciding when to claim your Social Security benefits. Age, employment status, overall health, life expectancy, and financial circumstances all influence this decision. During the Facebook Live session, experts emphasized the importance of conducting a careful analysis of these factors before making a final choice.

Delaying Claims:
One of the most crucial considerations discussed during the Facebook Live session was the impact of delaying benefits. By postponing your claim beyond the designated full retirement age (FRA), which currently ranges from 66-67 years, you become eligible for delayed retirement credits. These credits result in a higher monthly benefit when you eventually claim, up until the age of 70. Delaying claims can be particularly beneficial for those with a longer life expectancy or who wish to continue working.

Early Claims:
Conversely, claiming Social Security benefits prior to reaching full retirement age results in reduced monthly payments. This factor is essential for individuals considering early retirement or those who urgently require financial assistance. However, it is crucial to remember that claiming early often leads to a permanent reduction in the total lifetime benefits received.

Strategies for Married Couples:
For married couples, understanding spousal and survivor benefits is crucial. The Facebook Live session highlighted the various claiming strategies available, focusing on maximizing survivor benefits, as they can provide significant financial assistance after the death of a spouse.

Financial Planning Considerations:
The timing of Social Security claims should align with a comprehensive financial plan. While Social Security benefits can act as an economic pillar during retirement, they should not solely determine your financial strategy. Experts during the Facebook Live session noted the importance of considering other income sources, such as pensions, 401(k), or IRA distributions, when deciding when to claim Social Security benefits.

Conclusion:
In summary, the recent Facebook Live session on March 3, 2021, provided valuable insights into when to claim Social Security benefits. By considering factors such as age, employment status, health, life expectancy, and financial circumstances, individuals can make informed decisions to maximize their long-term benefits. Whether it is delaying claims to earn credits or claiming early to meet immediate financial needs, understanding the various strategies is imperative. Ultimately, combining the advice shared during the session with individual financial planning will help retirees secure a comfortable and financially stable future.