E9: Maximizing Your Social Security Benefits: Part 1

Maximizing Your Social Security Benefits Part 1

In working with CRNAs, I would say I spend about 80% of our client-facing time strategizing their retirement planning process and the sources of income they’ll use to meet their financial needs during their retirement years. Most clients can only meet and sustain their goal of financial independence with a combination of income sources, which include personal savings, employer-sponsored plans, and Social Security benefits.

With the baby boomer generation aging out, an increasing number of individuals may anticipate working part-time during retirement and inheritances as other sources of income sources. Consequently, I thought it would be helpful for you to better understand these income sources and the part they play in your retirement plan.

Since it’s such a big topic, I’m dedicating this episode and the next entirely to maximizing your Social Security benefits, which, for many retirees, represent their biggest source of income.

I can’t overstate the importance of this program, as it keeps many if not most, seniors out of poverty and ensures they can meet at least a minimal standard of living.

So, for part one of this two-part series on Social Security, I’m going to talk about exactly what Social Security is and how to estimate your benefits. Then, in the next episode, I’ll talk about when to begin your Social Security retirement benefits and how these benefits work for spouses or ex-spouses.

I 100% promise this is a heavy topic. So, for your sake and mine, I’m not going to get into the weeds.

My goal is simply to give you a better understanding of how Social Security works, because trust me—this isn’t a topic that many CRNAs understand. Like many topics in personal finance, it’s not something we learn. So, let’s dive in.

Episode Highlights

[07:22] Estimating your future Social Security benefits.

[11:54] When to claim your benefits.

[13:58] Maximizing your Social Security benefits with delayed retirement credits.

Looking for more financial planning tips and resources for CRNAs? Check out the MoneyRx for CRNAs Podcast home page for additional podcast episodes.

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