Late Start, Early Retirement: How to Invest for Retirement NOW!

Strategic Planning

Bill Yount emphasizes the importance of strategic planning when it comes to Social Security benefits. He suggests using tools like Mike Piper's calculator to determine the best time for both you and your spouse to start receiving benefits, especially if you're the higher wage earner 1. Jackie Koski adds that even divorced individuals, who were married for at least ten years, have special provisions to consider, which can offer additional options 1.

Social Security is part of our plan, and I would encourage people to get very strategic about how they take it, which is really important.

--- Bill Yount

Scott Trench also highlights the availability of a Social Security calculator from the Social Security Administration, which can help in planning by adjusting for inflation and other factors 1.

   

Inflation Adjustments

Understanding Social Security adjustments for inflation and potential legislative changes is crucial. Scott Trench notes that Social Security benefits are already adjusted for inflation, and while future benefits might decrease, they still serve as a valuable buffer for retirees 2. Jackie Koski explains that even with minimal work history, individuals can qualify for benefits, which are adjusted for inflation, providing a reliable backstop in later years 3.

If nothing changes in 2034, we can expect to get about 75% of the stated benefits that we see on our statements.

--- Jackie Koski

Mindy Jensen reassures that changes to Social Security are unlikely to affect those nearing retirement, as they are a significant voting bloc 2.