What if you could be leaving $250,000 on the table with ONE retirement decision? 🤔 In this video, we compare two retirees - Professor Pat and Nurse Nancy - to show how their different Social Security claiming strategies lead to drastically different outcomes in retirement.We break down:- The basics of how Social Security benefits are calculated- Why claiming Social Security at 62 vs 70 could make a $250K+ difference- A real-world comparison with $1M portfolios- The looming 2035 Social Security crisis you need to know ab...
What if you could be leaving $250,000 on the table with ONE retirement decision? 🤔 In this video, we compare two retirees - Professor Pat and Nurse Nancy - to show how their different Social Security claiming strategies lead to drastically different outcomes in retirement.
We break down:
- The basics of how Social Security benefits are calculated
- Why claiming Social Security at 62 vs 70 could make a $250K+ difference
- A real-world comparison with $1M portfolios
- The looming 2035 Social Security crisis you need to know about
- Critical planning strategies to protect your retirement
Plus, we reveal why neither early nor late claiming was actually optimal in our example! Don't miss this crucial information if you're planning to retire in the next 20 years.
DISCLOSURES
Celestial Wealth Management, LLC is registered as an investment adviser in the State of Maryland and Texas.
Neither the information nor any opinion constitutes an offer or an invitation to make an offer, to buy or sell any securities or other financial instruments.
This video is not intended to provide personal investment advice and it does not take into account the specific investment objectives, financial situation and the particular needs of any specific person.
Investors should seek financial advice regarding the appropriateness of investing in financial instruments and implementing investment and planning strategies discussed in this video and should understand that statements regarding future prospects may not be realized.
Nothing provided here constitutes tax advice. Individuals should seek the advice of their own tax advisor for specific information regarding tax consequences of investments.
Investments in securities entail risk and are not suitable for all investors. This is not a recommendation nor an offer to sell (or solicitation of an offer to buy) securities in the United States or in any other jurisdiction. All investment strategies have the potential for profit or loss.
#RetirementPlanning #SocialSecurity #FinancialFreedom #RetireSmart #WealthManagement #RetirementSavings #PlanForFuture #FinancialAdvisor #RetirementTips #moneymatters
00:00-Introduction
01:10-How Does Social Security Work?
02:50-Claiming Social Security Benefits Now
03:35-Delaying Social Security Benefits
04:10-Professor Pat vs Nurse Nancy
08:57-The 2035 Crisis
10:30-Where Did Social Security Mess Up?
14:25-Run a Reduced Benefit Scenario
14:50-Adjust Your Savings Goal
15:15-Diversify Your Income Sources
15:45-Plan for Flexibility
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[About] Colin Exelby is a Certified Financial Planner Professional™ or CFP®. He owns the virtual financial advisory practice Celestial Wealth Management.
I provide financial planning for business owners and their families that makes sense.
Transformational change is made when you focus on the big picture. My goal is to help you think outside the box about your life, your money, and your health to be the best you can possibly be.
We strive to help you:
*Optimize Your Cash Flow
*Minimize Your Taxes
*Build Your Net Worth
*Create a Lasting Legacy
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