The beauty of financial planning is that we can shift and make adjustments as life changes, but there are some decisions that aren’t reversible. From the moment you claim your Social Security to the type of pension benefits you choose and the life insurance policies you secure, every choice can dramatically alter your retirement landscape. On this week’s Money Wisdom podcast, Jake Doser, CFP® sheds light on the irreversible decisions that shape our financial future.
The beauty of financial planning is that we can shift and make adjustments as life changes, but there are some decisions that aren’t reversible. From the moment you claim your Social Security to the type of pension benefits you choose and the life insurance policies you secure, every choice can dramatically alter your retirement landscape. On this week’s Money Wisdom podcast, Jake Doser, CFP® sheds light on the irreversible decisions that shape our financial future.
The first decision you need to take time with is Social Security. The timing of your claim determines whether you give yourself the best chance to maximize your benefits. It’s a critical choice with long-term consequences, and Jake explains the factors that should influence when you decide to start receiving Social Security. It’s going to be different for everyone so have a strategy going in.
But it’s not just about Social Security. Pensions, another cornerstone of many retirement plans, come with their own set of irreversible choices. Jake discusses the spousal benefits options and the implications of each choice, emphasizing the importance of aligning these decisions with your overall retirement strategy. Knowing how the benefit works and whether it’s the best option available to you and your spouse to cover income needs in retirement.
Then there’s life insurance, a product many people view with skepticism. But it’s just a tool like anything else we utilize and life insurance can serve the purpose of income replacement, debt elimination, or even as a legacy for the next generation. The key is to understand the purpose of life insurance in your financial plan and to make decisions before it’s too late.
Choosing a retirement date may seem like a decision you can always change, but this isn’t always the case. It’s not one you want to regret so we’ll share insights on how to determine the right time to retire, taking into account financial readiness and personal circumstances. The conversation is a reminder that working longer isn’t always better, and retiring too early can have its pitfalls.
With the help of Johnson Brunetti’s team, you’re encouraged to approach these irreversible decisions with the seriousness and thoughtfulness they deserve. The offer of a free Social Security decisions brochure is just the first step towards making informed choices that will shape your financial future. So if you’re nearing retirement or simply planning ahead, this episode of Money Wisdom is an invaluable resource.
Here’s some of what we discuss in this episode:
• What you need to consider before claiming Social Security
• Weighing the spousal benefit option for a pension.
• You can always get life insurance and then cancel it but if you wait too long it won’t be an option.
• How do you decide on a retirement date?
Information presented in our podcasts is considered current as of the created date. Over time, some information presented may become stale. We recommend you consult with your Financial Professional before making any changes based on information contained here.
Johnson Brunetti is a marketing name for the businesses of JB Capital and JN Financial.
Investment Advisory Services offered through JB Capital, LLC. Insurance Products offered through JN Financial, LLC.
