Sample Planning: Optimizing Your Social Security Benefits

When it comes to planning for retirement, one of the most crucial decisions you will face is when to start your Social Security benefits. This decision is far from one-size-fits-all and can significantly impact your financial health in retirement. So in this video, Liz explores a detailed sample plan for fictional clients Jim and Joan to illustrate how these decisions can play out in real life.

Jim and Joan are 65 and 64 years old and are on the brink of retirement. They haven't yet started their Social Security benefits and are contemplating the best time to do so. Using financial planning software, Liz analyzes their situation and compares different strategies for when they could begin collecting Social Security. Tune in to gain a better understanding of how Social Security decisions should be integrated into your overall retirement plan!

Here’s some of what we discuss in today’s show:

0:00 – Intro
2:47 – Jim and Joan’s Social Security analysis
6:24 – Comparing different strategies
9:07 – Impact on retirement plan

#retirementplanning #socialsecurity #socialsecurityplanning