#118 - 3 Action Steps to Maximize Your Social Security Benefits.
If you want to learn how to maximize both your preparation and enjoyment of retirement, you’ve found the best way to do that. It’s here on The Retirement Answer Man podcast. This episode is focused on a very important issue - understanding the Social Security system (which is no small task). I’ve got a great guest on the show today - Devin Carroll - who is one of the best sources of understanding on this issue of anyone I know and you’re going to get some very actionable things you can do to not only understand your Social Security benefits but also to make the most of them now and in the future.
Do you worry too much?
As we grow older we begin to move into a time of life where we naturally understand less and less about the world and the way things are going. It’s a time when worry can start to creep in and get the best of us. But worry is never, ever a good idea. In fact, it’s been shown to be one of the most detrimental internal behaviors. On this episode I’m going to lead you through a few questions to help you assess your level of worry and adopt a mindset to help you offload your worry and get into a healthier mental place. Ready? Let’s do it!
Complexity can be the enemy of wise retirement planning.
It befuddles me to no end when I see financial advisors come up with retirement plans that are hundreds of pages long. What in the world?!!! There’s no reason for a retirement plan to be that complex. Complexity is our enemy because it keeps us from looking at the simple, bare facts of a situation and taking correspondingly wise action. On this episode I’m going to show you how you can adopt a simpler, easier to understand approach to your retirement planning so that you not only understand what you should do to plan for retirement, but can actually do it.
How to navigate the complex Social Security System.
If you go to either of the Social Security websites you’ll find over 10,000 pages of content having to do with what the system is and how it works. Even experts on the system, like my guest today, Devin Carroll, have to refer back to those sites over and over in their lifetimes. On this episode Devin and I chat about the 3 most important things that you can do in order to make sure you’re getting the most out of your Social Security benefits. Talk about simplicity, this conversation is aimed at being exactly that!
If you need help with your Social Security benefits, Devin’s the man!
My friend Devin Carroll has devoted a good deal of his life to understanding the Social Security system and has positioned himself to help everyday Americans utilize the benefits of the SS system that was created for their benefit. If you have a Social Security related issue (disability, survivor benefits, or retirement benefits) that you need help with, I recommend you contact Devin and his team. You can find out how to do that on this episode of The Retirement Answer Man as we talk about 3 ways you can maximize your Social Security benefits.
OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN
- [0:30] Roger’s introduction to this episode of the show.
THE HAPPY LAB
- [2:24] The question of the day: “Do you worry too much?”
- [3:42] The power of “Cest La Vie”
- [4:22] The benefit of letting stuff roll off of you: saving your mental and emotional energy.
HOT TOPIC SEGMENT
- [5:07] Warren Buffett’s annual shareholder meeting.
- [9:00] How Warren Buffett sees the manner in which Wall Street makes money.
WHAT DOES THAT MEAN? SEGMENT
- [9:46] Today’s term: Complexity.
PRACTICAL PLANNING SEGMENT
- [14:13] Roger’s conversation with Devin about maximizing Social Security.
- [15:45] Survivor benefits and disability benefits.
- [16:57] The process of getting qualified for Social Security disability.
- [18:35] 3 things to do regarding your Social Security benefits.
- [21:54] How you can check your SS earnings every year.
- [24:00] Will Social Security be around in years to come?
- [29:08] Understanding how Social Security is taxed and why it’s important.
TODAY’S SMART SPRINT SEGMENT
- [33:52] Register and get your Social Security earnings history.
RESOURCES MENTIONED IN THIS EPISODE
Roger’s YouTube Channel - Roger That
BOOK - Rock Retirement by Roger Whitney
3-video Series: 5 Minute Retirement Makeover
Roger’s Retirement Learning Center
The Retirement Answer Man Facebook Page
www.SocialSecurityIntelligence.com - Devin’s website.
Set up your own SSA account: https://secure.ssa.gov/RIL/SiView.do