Podcast Episode 6 – Why You NEED To Understand Social Security Nomenclature
I watch a LOT of videos on Social Security and READ a ton of stuff on the topic as well. I do many videos, podcasts and blogposts on the topic. Thus, I like to think I am very well versed in the area.
However, I don’t hold a candle to Devin Carroll when it comes to what he knows about Social Security. He has made a career of understanding the intricacies. The only other person I can think who probably knows more is Larry Kotlikoff from Boston University.
Folks, it simply does not make sense to claim your Social Security benefit early for the vast, vast majority of people. Filing early is bad in so many ways. I won’t get into these here.
Instead I’ll allow Devin to share with you his 3 stupid reasons in which to file for early benefits.
This is a funny video. Unfortunately, it seems this kind of thinking permeates. And that is not good.
AIME, PIA, FRA, DECs… WHAT THE????
Unfortunately, these are the acronyms used regularly in regards to YOUR Social Security benefits.
You really need to understand how these topics work together because many retirees rely heavily on Social Security. In fact, there are studies done that shows Social Security provides MOST of the income for retirees!
Given that, doesn’t it make sense to understand the Social Security system and how works? Doesn’t it also make sense to understand how the system can benefit you?
I believe it does.
So, in this episode we discuss: ***AIME – Averaged Indexed Monthly Earnings ***PIA – Primary Insurance Amount ***FRA – Full Retirement Age *** DECs – Delayed Earnings Credits
We also discuss what happens when you file early, but I am not aware of any acronym that identifies that. So, consider that a bonus!
As ways, go to my website at www.heritagewealthplanning.com to learn more.