Financial Advisor Thursdays: Social Security
What age should I use social security in my financial plan, pre tax dollars or after tax?
Headlines saying social security will be no more, but also that they are doing great
Long term there is not enough money to pay for everyone in the social security system
TIME is the most important tool
iI you’re in your 20s/30s you should not count on social security at all. you should save MORE
if it ends up being around you can retire early
if not, you saved enough
Compounding interest on returns becomes important
Taxes and social security?
if you’re getting social security how does that impact taxes
individuals about to retire or are retiring
social security is taxable (up to 80%)
Pension on social security, RMD’s, etc all effect maximizing your assets
Putting your 401k into a roth 401k?
Roth grows tax deferred. comes out income tax free
helps when you retire and managing taxes
younger crowd can benefit
April 25, 2019