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At what age do I start my Social Security check? 

Finishing Well / Hans Scheil
The Truth Network Radio
March 14, 2020 8:30 am

At what age do I start my Social Security check? 

Finishing Well / Hans Scheil

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March 14, 2020 8:30 am

You have 96 months to claim your Social Security check, from age 62 to age 70. Every month is a choice, but which is the best depends on your personal situation. Hans talks about clients who decide when to take their check based on what they have read or heard from friends or family. The best advice he can give is to get your Social Security statement on and look at your projected benefit. Hans talks about reasons to start your benefit early as well as reasons to start it late. Make sure to consider your spouse and their benefit as well. 

Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!

You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at 

Finishing Well
Hans Scheil
Rob West and Steve Moore
Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore
Finishing Well
Hans Scheil

You're listening to the network and welcome to finishing well brought you by Cardinal Certified financial planner belonged to Schild, best-selling author and financial planner helping families finish well over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes. Now let's get started with finishing well welcome to finishing well with today's show is what days do I start my Social Security check what age do I start my Social Security income. Since we have a choice between 62 and 70, but you know the way the same topic.

Hans has to do you know if it's times of changed and people live longer to actually the whole concept of the show is finishing well like what a God have in mind and how cool is it. Now that you know would not be unusual at all for me to work on into my 70s and 80s, and in that changes those the strategies but some there still people out there that are thinking about retiring at 55 or whatever and I would I would go back to where every little was when he was given a race number whenever Olympics at you in the early 1900s and his sister was out there while you're supposed to be a missionary are supposed to go to the mission field. Remember the story that was what she was saying to him and he said all I medical be a missionary. But first, you know I'm gonna run because you know when I run my can feel God's pleasure well if if you're with this man for any character took the time on Sean my certification in France. I mean, you could see the pleasure in his eyes when he begins to talk about Roth IRA's spirit every you can see that that eat you know God is loving to run with them and I would offer that is, you know, if you're not there like God has been wonderful thing to talk and prayer.

God what what what would you have me do, and in he totally changed my profession. I was a car sales in the loft when I was in my late 50s and I did Noah's turn out my heart but I knew it was and so he he he dismantled my life so that I could do this at and feel like you know as I am feeling purposes. I am feeling joy in my family feels that to Hoosier and and we we we do in fact finishing well so this subject today have at what age do we turn this income on this bagel and annuity that I found out I did the Renault is an annuity in this school stuff will is so the decision that's in front of us. For those of those that are not on Social Security yet is it what age do I start.

And so the earliest age you can start Social Security if you're not disabled is 62 and the oldest you can be and still delay it is 70 know a lot of folks don't know is you. You could pick every month in between our span of eight years size 8 years times 12 months is 96 months, so there's 96 different dates that you could start Social Security so right off the bat were making a decision in a plan we got 96 different choices right and it's right on a statement that that I did not know that when I start doing missions. That was some that this became obvious when you ran this statement which is by the way is very very easy to get. Let's just for listeners.

If you want to take this to heart.

If you already run the statement go run it again if you've never run the statement. If you go on to SSA Social Security administration and you go to the my Social Security but negative. By this, a bunch of questions to make sure it's really you surely not as hard as like your insurance company website up that I'm surprised that we got it. If you have little trouble with the get your son or daughter somebody that's good with computers just in there and run run your statement okay save it as a PDF and get a hold because I I actually requested that Robbie do that about a week ago get ready for the show and then he came in here he was awful joy coming down the hall and when I got out I got it in here it is in you know it just so so that's a little bit of that joy transferring the what the lesson is today's pick and age okay and that's what we do is financial planners and you know most people actually pick this age somewhere in their 50s and kinda manages or their early 60s before they're even there mean when when I run into most clients coming into me. They don't have a question they they tell me I am starting my Social Security at 70, I'm starting it at 65 are set so a lot of people have Artie made this decision many times before they really learn what financial planning and they've made the decision based upon typically not as much information as let's say that I possess a valid and a lot of times they made the decision over a book they've ran an article they listen to or more commonly talk to their brother-in-law or their older spouse or sibling or somebody has told him what age they started and why. And they've convinced them that will be the best thing for them have that that would have been me. Had I not met you, but here we are yeah sensitive but there are reasons to start. Your sister will yeah so the first thing I wanted to do was most people are to lean on started later just for took all the clients are there's more of them starting it later than starting in early before they come in and see me and so I really wanted to just go over what would be a reason that I is a financial planner might advise you to started early and I before you know at 62, or some point before 66 number one reason you need the money. If that's your reason. You don't have to be embarrassed about that with me or yourself or anyone else go get number two if you have dependents in high school, so if you have children who are teenagers or younger and there to be in high school or grade school or middle school or whatever.

I don't care how old your spouse is if you could start your Social Security. I'm not saying turn it on. What I'm saying is take a look at it because as soon as you turn on your Social Security you get a benefit for dependent children and the numbers on all that may make sense. So someone should be aware of and then the fourth thing is is is your health is poor, and you think your life expectancy is short so people who are 62 now, but there were planning on delaying thinking about delaying but yet when we sit down and talk. They really have an expectation of a life expectancy of let's say shorter than 10 years, then you might as well go ahead and take the thing possibly mean we should get a look of a bunch of factors like tax and you know what's a possibility you might live a long life.

We got a look at your spouse and whether your spouse will be relying on there's a lot of factors involved that could be your reason is as I meant to get the money now. Now reasons not to start before your 65 Sonoma give the contrary reasons. The first one is just for you to know you can get lesson Social Security life for your whole life. So if you live up to 80 or 90 year to be up there and you have a Social Security check, which might be $1000 a month less than it otherwise would be. You suffer this your whole life, so I want you to think long and hard about starting in early and not only that, but it affects your spouse is the knowledge which is really part raised in my own case as I look at the statement thinking okay I can turn on my so security, it may be 67 and make him a mathematical choice that this might be a better, safer deal for me personally, then starting at 70.

However, when I add in the fact that my wife is seven years younger than me and she probably can outlive me by some large margin, which is the case for most any white men anyway. I taking it up to 70 which by the way my case is $900 more than if I take it my full retirement age 900 a month, 900 a month on site yet 900 a month more. If I wait till 70. That then my wife gets that uptick. The larger check than you know the anger I'm gone. Let's project this forward so you make it to 82 when you pass right. She's 75 and she survives you by waiting till 70 and getting that extra 900 a month you're going to your to be dead so you and I can begin that, but she's going to get an additional 900 a month for her home life, which could be another 20 years, right in it so it makes it what was look like a pretty good decision before now makes it absolutely no no-brainer in a based on my wife being younger and likable man.

I mean, you know, especially since I'm working and I would be getting taxed on that income. We got a whole bunch of that stuff, the next leg of of why that is, in effect, kosher and you know then you can you know we we we just had that you don't want to diminish your widower where were now in cases where you have it reversed if you're the smaller check in the marriage. So if this was all reversed and your wife is older than you, but she had the smaller check, then that's not a factor. So there's a whole bunch of caveats with this that we really week we can sit down every situation is different and I'm just trying to outline and go on both sides of the angle and then when it really gets right down to it, working to help you and were to start this thing and help you start this thing and put in your fit exactly when you want to start so I'm just trying to educate people all around the decision now there's another factor bunch of factors is now you reach full retirement age, which for you. Rob is 66 and two months can become around sooner than you think you think that you've already made the decision unless something drastic happens you're not starting at 66 and two months so if you had planned on it or thought about it and now notice that was somebody at full retirement age organists that were to suggest that they delay another three years and 10 months is what really amount and here's another thing that you not just to show you how ignorant I was coming into working with you if somebody would've said a lot.

If you delay your Social Security. You know I would've thought that you are also in a delay your Medicare.

I mean that's how much I knew about the subject and this is not even connected whatsoever.

So I'm actually given Mike's my Medicare got a start that elevated it's a complete no-brainer to start my Medicare you know that's a give my life for my 65th birthday I got a grant from Hans about of the Medicare supplement account stuff that is in effect my Social Security at all, but I would've connected the two in my P little brain that I had as far as retirement unit prior to watching the show so loud today show is is again what age do I take my so security begin those checks, and it is one of the seven words that it and on the Cardinal which is where you find Hans's book the complete Cardinal guide to planning for living retirement was always latest email contact with all book or the workbook he wants to get to that information. We got so much more coming up on this subject is really it's it's really wonderful kind of as I'm looking at is that this is available this season. Hans and I would love to take our show on the road to your church, Sunday school, Christian or civic group. Here's a chance for you to advance the kingdom through financial resources and leveraging Hans expertise and qualified charitable contributions veterans aid and attendance IRA Social Security and care and long-term care. Just go to Cardinal and contact Tom to schedule a live recording of finishing well at your church Christian or civic group. Contact time to Cardinal that's Cardinal welcome back to finishing well is certified financial planner homicidal today show it what age do I start my so security checks common and when we left our hero wheat we we're still talking about, you know my situation that wow I was so ignorant of the deal that you know I thought that my Medicare was connected to my so security. I assume they were always know that if you start one. You start getting that I would've been really messed up because if you start your Medicare on time you get all kinds of trouble yeah and in which he also didn't know was by delaying till 70 universally to know how big the check was and I had a negative and I saw the statement money to Seca chain yeah like man go do this you will be happy you did assure and then you you got that and then what you didn't know was your setting up Tammy's check after you're gone.

I mean just it it would. We have a lot of clients were one spouse's five, 10, 12, 15 years older, and this really is a fact that we go decide are they the primary earner because sometimes the older spouse is not the primary earner will then it's not a factor of delay is the because you know you you understand that psychoanalysts are talking in circles here so I wanted to bring up their that's a factor in all of this is when we have a client or this could be you that you think that the government run out of money and I have some people tell me that on the way in his clients, stating it to me like it's almost this fact that I buy into it amuses so they're not really answering the question of the singing of the government run out of money so I want to start this earlier than later so I get mine was again good and that's it didn't say that exactly that's essentially in the state. That to me like they already decided I'm in agreement with Jan I I'm not in agreement with that. As you know, and I'm not saying that the argument doesn't have some credibility.

There's there's some issues in the whole Social Security funding game but the government is not running out of money and there's no as we talked about the $3 trillion in the Social Security trust fund and the disability Social Security trust fund is another trillion dollars and and the projections are. If the projections are accurate that they're going to run out of money in 2035, which is happens to be 15 years from now and that's assuming that there projections and their assumptions are right and it also is assuming that the government does nothing about this candidate something and adjust with this correct area mean so there's there's a lot of the book, but I want to get back to the basic statement is if you are convinced of that. I'm not necessarily going to try to talk you out of it, to give you my opinion but then when I come over to your side of the table and on my help you make the best decision based upon you assuming that's correct in that a lot of times a start and end sooner than later. We got a look at taxes so everybody situation with this is different.

That's the point.

And you know you're different in your Outlook, your different in your age are different in your marital or spousal situation you're different in terms of how much other money you have your tax situation is different, employment. If you employment in the amount of income so everybody situation is different in your preferences within that matter to me and they matter to me. Even if you don't become a client if you're just simply learning from this show is just don't jump to something quick and I would also encourage you fear in your 50s here early 60s get this statement start doing some learning about this and then when you read one article or one thing.

Don't just take that thing and salmon go with with this person's recommending means EEE you need to get a balanced view point of this whole thing and the other thing that tenant jumps out at me that I don't on that I really even you would told me this before, but became reality when I thought in numbers is that your income in your you know over in Europe, 60s greatly affects this statement and the reason mine went up and years went up as a result of that, so if you're planning on this number being this well enough by that I need to be 66 in two months or whatever it could be some significantly different in mind differently is significantly different than it was two years ago was sure you tail they take your highest 35 years of income in the Social Security administration does in the use essentially the thrown out all the other years. Besides the highest 35 but even as much money as I've made historically. I got some gap years where you know was opening this business. And so it really helped me to make a good substantial income last year and so my statement improved and I have a feeling that is going to improve every year.

It's given me an incentive to you know to keep making money all the way up to 70 really and and and you know but by the time there and if I look through your son, really, are you at dandelion time all the time.

So what you tell me is it they don't stop calculating at 66 and 2000 now. So if I continue to make a good income, or even better that that can clear up yeah point that I take you absolutely I do not know that in that has already been like oh my goodness, look at when up. You know like hundred and $50 in one year. Unlike more that a month you know that's a lot of say in what we talked about in the last show last Saturday was taxes, income taxes on Social Security as I got some other stuff going on as I'm working on converting all of my financial assets. Not all of most of them to either Roth IRA stands to conversions through paying the tax. Now, or life insurance cash values so that when I get to be over 70.

I'm going to be totally tax free and have a significant Social Security check between my wife and me and then I'm going to be making withdrawals from my Roth IRA and loans from my life insurance to the point of that I need money, and when some I need to buy something that isn't covered by my Social Security number to make withdrawals or can be tax-free withdrawals, and so I can deal with net income and then if I die in the middle of all that it's all going to go tax-free to my kids right cynical. It is very cool and so me know as we select this age of know there's a lot that that that can be processed and EEE said something actually. During the break. Kind of like put it a bit of a stickler and me. I go wound like kind of the last thing you want to do is listen to the show and go make it's like we could be the cause of somebody having this information and applying what were talking about in a different way that would not be to their benefit or to the benefit of the kingdom. So we gotta put a kind of a disclaimer on this, what were talking about today don't do financial planning and go act on stuff you here in the show. Just don't mean it is the first step.

I would suggest is getting my books and reading. Didn't some books to read it. You need to seek out a professional is was what my advice, whether that's me or someone else, and it could be different professionals depending upon which subjects were talking about. So if I want to sound a little self-serving.

I'd love if you would give me a call. We work in all 50 states in the district Columbia and we do most of our work over the phone and were able to serve people very well. That way, where I talked about us being part of the problem is where I see this problem is I see people that have jumped to conclusions they've learned. One fact about one set is like some he learned a little bit about karate her face like it it it yeah they just don't have all the other factors in a lunch as they been convinced of this by their brother-in-law or their buddy at work or somebody that has taken their situation and then that may have not even been the best decision for them but whatever it is they're pretty high on it and then they convince you of and and and and just and then your you know and I'm just saying this radio show could be the same way as you could you like. I consider this a success. If I've taught you one or two things about Social Security age picking today okay but if I just parts even a success if it if it's opened up the idea of wow this would be a fun thing to plan this would be a really good thing to spend some time on doing a little bit more work to really take a hard look at sure magic but but this is just a couple guys talking on the radio and I'm telling you if you leave here and say one minute delay my Social Security 70 and I can even think about anything else because I heard Robbie's going to do that and I heard how much he's going to get in and I looked it up and so that's limited to and that's what I was saying we could be part of the problem is is that we could be like your brother-in-law were where where we just taken one situation and then we transferred it to you without looking at all the factors and if you're just catching us by chance run a podcast all hundred episodes or more are on all the podcast tabs finishing well podcast you can find us and you can listen to these things at your leisure.

And we have people all over the country now that are following this or the kick tuned in with us and then they listened all the back shelves so I'd feel a lot better if some is going to base their Social Security decision I'd I'd I'd feel a lot better about you listening to 10 shows about Social Security that I would one get right in the good news is that The loudest to do this a number times. This is the 10th so I'm so security aren't making more and I'm just guessing as I know that we have seven subjects, and then we rotate and we start back over at one when it would be the eighth show he had.

I know we been doing it for over two years. So you just do the math on the financial planner and timelines. You know this is 104 shows that I know we've had some duplicates a few weeks will we were sick early on, or something, but red run hundred shows pain now and again that the book is a complete cardinal guide to planning for living retirement anemias workbook that goes along with that help you apply some of those principles to your own situation and end and look into that.

So that's all there cardinal as well as on this email or you can say Hans, please send me your book in your workbook and whatever you can download the individual chapters of the book for free. The right there on the website is go under Social Security under the seven worries to his on Social Security you scroll down to see the book and just that chapter of the book you click PDF download. You can read it on your phone or you and I may probably leave I have to tell you one other thing is absently free Eunice call you on the website. Cardinal you see there's a phone number and an end.

Likely you can speak right to Hans.

I wouldn't be a bit surprising speaks to people all the time you want to bet everybody on the staff that I know well is get a be extremely helpful and then you know and that's absolutely free as well. You can outline your situation and when you go Hans is always you know, I can sense that God love to see you run does. Thanks thanks.

We hope you enjoyed finishing well brought you by Cardinal visit cardinal for free downloads of the show previous shows on topics such as Social Security, Medicare and IRAs, long-term care and life insurance, investments and taxes as well as cons best-selling book, the complete cardinal guide to planning for and living in retirement and the workbook once again for dozens of free resources past shows what you get. Hans book go to Cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word.

Once again that's Cardinal Cardinal

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