The Fed is in no rush to lower rates, based on the latest economic data; we’ve gone from transitory to permatory inflation; rents are not going to fall, but rates are not going to go up. Fed Gov. Bostick: Rates are not going down until later, based on Labor data. Candid Coffee preview: The problem with Financial Infidelity; does it pay to delay taking Social Security? (It depends…) What’s the best claiming strategy? Rich & Danny critique AI-generated Candy Hearts; why RMD’s are going to be trickier; the benefits of delay; impact of Roth conversions. What happened to the stretch-IRA?
2:38 – No Rush for Fed to Lower Rates
14:01 – The Problem of Financial Infidelity; Does it Pay to Delay taking SS?
29:48 – AI-generated Candy Hearts; Why RMD’s are Going to be Trickier
43:58 – Best Strategies for Company Stock & NUA’s
Hosted by RIA Advisors Director of Financial Planning, Richard Rosso, CFP, w Senior Financial Advisor Danny Ratliff, CFP
Produced by Brent Clanton, Executive Producer
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Register for our next Candid Coffee: “Five Money Habits of Unhappy Couples,” Saturday, February 24, 2024:
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Articles mentioned in this report:
“Is Toyota The Next Tesla?”
“Divergences And Other Technical Warnings”
“This Is Nuts & Why We Reduced Risk On Friday 01-11-20”
“Housing Is Unaffordable. Dems Want To Make It Worse.”
“Investors Sentiment Is So Bullish It Is Bearish”
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The latest installment of our new feature, Before the Bell, “Retail Sales Dip .8%,” is here:
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Our previous show is here: “Is Toyota the Next Tesla?”
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As retirement approaches, many people are faced with the decision of when to start claiming their Social Security benefits. While you can start claiming as early as age 62, you also have the option to delay until you reach full retirement age (usually 66 or 67, depending on the year you were born) or even until age 70. The choice of when to start claiming your benefits can have a significant impact on your financial situation throughout your retirement, so it’s important to carefully consider the pros and cons of delaying Social Security.
One of the most compelling reasons to delay Social Security is the potential for a higher monthly benefit. For each year that you delay beyond full retirement age, your benefit will increase by a certain percentage, up to age 70. This means that if you can afford to delay claiming, you could potentially see a substantial boost in your monthly income when you do start receiving benefits. This can be especially beneficial if you expect to live a long life, as it can help ensure that you have a steady stream of income throughout your retirement years.
Delaying Social Security can also provide a number of financial planning opportunities. By using other sources of income, such as retirement savings or part-time work, to cover your expenses in the years leading up to claiming Social Security, you can minimize the need to withdraw from your retirement accounts early on. This can help preserve your savings and potentially allow them to continue growing, giving you more financial flexibility in the long run.
On the other hand, there are also reasons why someone might consider claiming Social Security earlier. For example, if you have health issues or anticipate a shorter life expectancy, it may make sense to start claiming benefits earlier, as you may not benefit as much from delaying. Additionally, if you need the income to cover living expenses or if you’re unable to work due to health or other circumstances, claiming earlier could be the best option for your situation.
Another factor to consider is your spouse’s Social Security benefits. If you are married, the timing of when you and your spouse claim benefits can have a significant impact on your overall retirement income. It’s important to consider both of your benefits and how they will be affected by when you choose to start claiming.
Ultimately, the decision of when to claim Social Security is a personal one and should be based on your individual financial situation, health, and retirement goals. It’s a good idea to consult with a financial advisor or retirement planner to help you evaluate your options and make an informed decision. By carefully weighing the benefits and drawbacks of delaying Social Security, you can make a choice that aligns with your long-term financial well-being.
We wish the real rate of inflation was 2% and also wish cpi was an accurate measurement for it
Great episode!
Thank you very much…
Remember, the Fed intends to go for a 2% inflation "average over time" not going specifically down to a current 2% rate of inflation, this is a new Fed policy from what they had in the past.
Hindsight, delay it, especially if you are planning to keep working full-time. SS is slow on checking monthly income and penalizes.
Don't always assume that non working spouses is a partnership. Have been begging my spouse to go back to work for years and she simply does not see the need. Be careful about marriages being 'aligned'.