Unlocking Social Security Benefits: Smart Strategies for Women Podcast

Jul 31, 2024 | Podcasts

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In a recent episode of the “Take Back Retirement” podcast, Heather Schreiber, the founder of HLS Retirement Consulting, shares her expertise on maximizing Social Security benefits, specifically tailored for women. As a renowned retirement consultant, Heather dives deep into the intricacies of Social Security, providing invaluable advice to help women make informed decisions about their retirement planning.

Key Highlights from the Podcast

Understanding Social Security Basics

Heather starts by explaining the fundamental aspects of Social Security, including how benefits are calculated and the significance of your earnings record. She emphasizes the importance of understanding your Social Security statement and the factors that influence your benefit amount.

Timing Your Benefits

One of the critical strategies discussed is the timing of claiming Social Security benefits. Heather explains how the age at which you start receiving benefits can significantly impact the total amount you receive over your lifetime. She outlines the pros and cons of claiming benefits early at age 62 versus waiting until full retirement age or even delaying until age 70.

Spousal and Survivor Benefits

Heather provides detailed insights into spousal and survivor benefits, which are particularly important for women who may have lower lifetime earnings or who have taken time off work for caregiving. She explains how to maximize these benefits and the potential impact of remarriage on your Social Security income.

Divorce and Social Security

For divorced women, Heather offers essential guidance on how to claim benefits based on an ex-spouse’s earnings record. She outlines the eligibility criteria and the potential advantages of this strategy.

The Impact of Work on Benefits

Heather also discusses how continuing to work while receiving Social Security benefits can affect your payments. She explains the earnings test and how it applies to those who claim benefits before reaching full retirement age.

Cost-of-Living Adjustments (COLA)

Understanding how Social Security benefits are adjusted for inflation is crucial for long-term retirement planning. Heather sheds light on the cost-of-living adjustments and how they help maintain the purchasing power of your benefits.

Conclusion

Heather Schreiber’s insights on the “Take Back Retirement” podcast are a valuable resource for women looking to optimize their Social Security benefits. By understanding the nuances of Social Security and employing smart strategies, women can make informed decisions that enhance their financial security in retirement.

Listen to the full podcast episode to learn more about these strategies and maximize your Social Security benefits.
 

Stay ahead of the curve with Social Security Advisor.

A companion resource to Ed Slott's IRA Newsletter, this is the go-to "all things Social Security" newsletter and reference tool for financial professionals. Providing practical applications to commonly asked and misunderstood claiming rules, Social Security Advisor is a must-have for any financial and tax professional who wants to add value to their financial and tax planning process.

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