Manage episode 265486501 series 1942938
Social Security is a massively important asset to build a comfortable retirement. You don’t want to outlive your money or your lifestyle, and it’s very possible to do both. The Social Security code is even longer than the tax code, there’s so much misinformation out there, and there are countless tricky situations you can end up in if you don’t position yourself correctly.
This is why I’m thrilled to be speaking to Larry Kotlikoff. He’s the one person I look to on a daily basis when it comes to Social Security. He’s the author of Get What’s Yours: The Secrets to Maxing our your Social Security, a professor at Boston University, and the founder and president of Maximize My Social Security, a software tool you can use to find the best strategy to increase your benefits.
Today, Larry joins the podcast to discuss the importance of patience when it comes to Social Security, how to time your benefits to get the most out of them, and the nuances and details of the program that so many people have questions about.
In this podcast interview, you’ll learn:
- Why the typical retiree can’t easily make sense of their Social Security benefits.
- Possible gains you may see by claiming benefits later in life.
- Reasons cashing out your Social Security to invest in the stock market is like gambling.
- Why the Social Security Administration frequently shares misinformation and encourages people to take benefits at the wrong ages.
- How our unsustainable fiscal system has created massive unfunded liability in Social Security - and what may happen to cover this gap in the future.