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