The purpose of Retire With Style is to help you discover the retirement income plan that is right for you. The first step is to discover your retirement income personality. Your hosts Wade Pfau, PhD, CFA, RICP and Alex Murguia, PhD walk you through creating and implementing a retirement plan that will help you reach your goals, and that you’ll be able to stick with.
Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.
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The purpose of Retire With Style is to help you discover the retirement income plan that is right for you. The first step is to discover your retirement income personality. Your hosts Wade Pfau, PhD, CFA, RICP and Alex Murguia, PhD walk you through creating and implementing a retirement plan that will help you reach your goals, and that you’ll be able to stick with.
Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.
Episode 204: How Your Retirement Style Shapes Your Social Security Strategy
Retire With Style
50 minutes
2 weeks ago
Episode 204: How Your Retirement Style Shapes Your Social Security Strategy
In this episode, Alex Murguia and Wade Pfau unpack the complexities of Social Security claiming strategies, weighing the benefits of delaying versus claiming early. They examine key financial considerations such as survivor benefits, tax planning opportunities, and the psychological factors that shape these decisions. The discussion also highlights how the Retirement Income Style Awareness (RISA) tool can help align Social Security choices with individual retirement preferences. Ultimately, the episode underscores the long-term financial impact of claiming decisions.
Takeaways
Delaying Social Security can significantly increase lifetime benefits.
Social Security provides inflation-protected lifetime income.
Survivor benefits are a crucial consideration for couples.
Building a social security delay bridge can ease financial pressure.
Claiming early may be necessary for those without sufficient resources.
Psychological factors play a role in claiming decisions.
Discount rates can influence the perceived value of Social Security benefits.
RISA helps align retirement income strategies with personal preferences.
Claiming early can be rational under certain circumstances.
Social Security reforms are likely but won’t eliminate the program.
Chapters
00:00 Introduction and Context
00:56 The Case for Delaying Social Security
12:07 Understanding RISA and Claiming Early
16:06 Psychological Factors in Claiming Decisions
24:38 Understanding Technical Liquidity and Early Claiming
26:18 Medical Considerations for Early Claiming
28:50 Real-Life Implications of Claiming Strategies
31:11 Legitimate Reasons for Claiming Early
34:22 The Role of Discount Rates in Claiming Decisions
39:20 Dependent Benefits and Claiming Early
42:04 Concerns About Social Security’s Future
45:08 Final Thoughts on Claiming Strategies
Links
Explore the New RetireWithStyle.com! We’ve launched a brand-new home for the podcast! Visit RetireWithStyle.com to catch up on all our latest episodes, explore topics by category, and send us your questions or ideas for future episodes. If there’s something you’ve been wondering about retirement, we want to hear it!
The Retirement Planning Guidebook: 2nd Edition has just been updated for 2025! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/
This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips
Retire With Style
The purpose of Retire With Style is to help you discover the retirement income plan that is right for you. The first step is to discover your retirement income personality. Your hosts Wade Pfau, PhD, CFA, RICP and Alex Murguia, PhD walk you through creating and implementing a retirement plan that will help you reach your goals, and that you’ll be able to stick with.
Start by going to risaprofile.com/style and sign up to take the industry’s first financial personality tool for retirement planning.
