Common Sense Financial Podcast: Mindset & Growth

Social Security can be a maze of rules, exceptions, and formulas and can feel  almost impossible to navigate for most people. That’s why Rich Grawer is back to talk about making sense of Social Security and the common sense guidelines that allow you to maximize your Social Security benefit and minimize your tax liability while in retirement. Social Security as the system is an income replacement system. It is not meant to be your sole source of income in retirement. The first thing to understand is that the system is not meant to replace your whole income, and earners can expect to receive between 35% and 54% of their working wages in retirement. There are three different ages you begin taking Social Security. The first is age 62, the second is age 65 when Medicare becomes available, and the third is your full retirement age. The advantage to waiting until your full retirement age is that you can work and earn at the same time as receiving your full Social Security benefit. One recent change in the past few