Retirement Income – Red Carpet Retirement™

Should You Claim Social Security Early or Wait? (Ep. 27)

By Red-Carpet-Retirement | October 15, 2024

With the Social Security Trust Fund potentially running out by 2035, should you claim your benefits now or wait for a better payout? Let’s address the reality behind Social Security’s future and its impact on your retirement plans.

In this episode, Adam Scott talks about the complexities of Social Security, exploring the imminent depletion of the trust fund projected for 2035 and what this means for retirees. As he unpacks whether to claim Social Security early or delay it, you’ll gain insights into the nuanced decision-making process, the potential policy solutions, and the broader financial strategies to consider amidst this uncertainty.

Adam discusses:

The current state of the Social Security Trust Fund and its projected exhaustion by 2035
The political sensitivity surrounding Social Security reforms, often referred to as the “third rail of politics”
The pros and cons of claiming Social Security early versus delaying benefits
Policy options to address the shortfall, including raising taxes and adjusting benefits
And more

Resources:

Social Security Administration

Connect with Adam Scott:

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How To Maximize Your Retirement Savings Using The Mega-Backdoor Roth Strategy (Ep. 18)

By Red-Carpet-Retirement | January 23, 2024

Are you looking for ways to maximize your tax-advantaged retirement savings bucket? (In other words, a savings bucket where both growth and withdrawals are tax-free!)

A mega backdoor Roth 401(k) might be what you need.

This week, Adam Scott, CFP®, delves into the ins and outs of a mega-backdoor Roth 401(k), a financial maneuver that can potentially help you supercharge your retirement savings. You will also learn how an IRA is different from a 401(k) account, and ways to optimize your retirement income strategy.