Episode Resources: The Retirement Planning Success Course – Everything you want to know for choosing the right retirement strategies.
Hi, my name’s Denver Nowicz, president of Wealth for Life.
We are on Principle #5 of 10 Principles For Building Wealth For Life.
So I’m gonna give you one thing today that you need to know when it comes to Social Security.
Now a lot of people are taking Social security early, because they want have the money while they’re healthier and be able to do more things.
But, there’s an important thing you need to consider.
The survivor benefit that you’re going to get. And here’s what happens.
If you’re out there and you’re getting Social Security at $2000 a month, and your spouse is getting $1000 a month, well that’s pretty good right?
There’s your income, $3000 per month.
Now one spouse passes away, well what happens?
One of those numbers goes away, and now your income drops to $2000 a month.
Okay, simple enough, that’s the survivor benefit on Social Security, you get the higher Social Security of the two people.
So what happens if you both take Social Security at 62?
Let’s say your number’s $1200 per month and your spouse is $800 per month.
Then one person passes away, what happens at that point?
Well you’re left with 1200.
So one important thing to know about Social Security is how different the survivor benefit is based in when you turn on social security.
The longer you wait to take that, is gonna really affect the income for your spouse.
That’s a good thing to know.
How you integrate that in your income plan, is a good thing to know.
And this is where the Retirement Success Course can help you.
If you haven’t already, check out the course, learn about these strategies, so you can take charge of your finances and have the retirement that you desire. Thanks for reading!