Guest speaker Steve Vernon suggests that pre-retirees worried about their financial security adopt two mindsets: One, that it’s okay to start spending the money you’ve saved for retirement, and two, you may need to change your retirement investing objective from maximizing savings to generatng income. He also recommends that people delay applying for Social Security benefits as long as possible, since annual benefits are 8% higher for every year you delay taking benefits after you reach your full retirement age up to age 70. Pam, Richard and Terry also remind people that, outside of when they start taking Social Security benefits, nearly every decision they make about their financial life during retirement, from taking on a part-time job to generate extra income to revising their investment strategy, is reversible.
The Friends Talk Money podcasts talk about why many of us aren't bestowing inheritances to heirs the right way and not helping our parents make inheritances properly. We also talk about how financial advisers could be more helpful to families so they handle inheritances wisely.
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Social Security is clawing back $21 billion in mistaken overpayments — impacting retirees and the disabled. Terry Savage and Larry Kotlikoff have written a new book — Social Security Horror Stories — revealing the shocking abuse. Last weekend they were featured on CBS - Sixty Minutes speaking with Anderson Cooper about this issue. In this episode, Larry joins Terry, Pam and Richard to take a deeper dive into problem and what you should do to ensure you get what’s rightfully yours.
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