Social Security for Dummies

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Navigating the Retirement Risk Zone

Eric Amzalag

14 episodes

8 months ago

The Retirement Risk Zone is the period of time that begins roughly 10 years before retirement and ends 10 years into retirement. During that time, you will make many of the most consequential financial decisions of your life, including your exact retirement date and age, when to claim social security, how to claim Medicare, how to reposition your retirement assets, as well as how to create an income from retirement savings. So much focus is put on the accumulation (Savings phase) of retirement, or the distribution (spending phase) of retirement that the risk zone often gets overlooked despite its importance. This podcast is designed to not only help you navigate the retirement risk zone but thrive in retirement. My name is Eric Amzalag, I am a Certified Financial Planner TM, Retirement Income Certified Professional, and owner of the independent Financial Planning and Wealth Management Firm Peak Financial Planning. Let's explore retirement income planning, social security, retirement investing, and retirement satisfaction together. Happy Retirement Planning!

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Social Security for Dummies

Navigating the Retirement Risk Zone

19 minutes

1 year ago

Social Security for Dummies

This podcast will cover all things social security.

How social security works
- Explain 35 years of earning
- Full retirement age (what age it is)
- Early claiming (decreased benefit)
- Delayed claiming (increased benefit)
- How social security is taxed
Explain the “Claiming decision” - factors to evaluate
- Other sources guaranteed income
- Portfolio size
- Early or later - push back risk by claiming earlier or bring forward risk by claiming later?
- Spouses guaranteed income
Social Security as an investment
- Explain COLA (the power of it!)
- It’s an annuity - delegating investment responsibility
The long term viability of social security and whether to plan for it
- According to a recent update from the Center for Retirement Research:
Likely changes to social security : Cost of living adjustment, reducing level of benefits, or increasing retirement age.
- Reducing the COLA by 1% per year would solve half of the social security shortfall
- Increase retirement age from 67 to 70 over a period of 12 years. This would solve half the social security shortfall

Listen to the episode to learn more.

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Eric Amzalag, CFP®, RICP®

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