Seminar #5. Phew. Social Security. Yay.
The presentation itself was actually really good. There’s a lot of good information. But as a 28-year-old, I’m not expecting much from Social Security for my retirement. Defined contribution plans, like Roth IRAs and 401(k)s, are the investment vehicles I rely on for my retirement income.
There was some discussion about spousal benefits and survivors benefits as well as whether you should take your Social Security early at 62, at your Full Retirement Age (FRA), or at age 70.
I understood what I saw on the presentation, but I am not equipped well enough to explain it here. If you are wondering when you should receive your benefits, you should talk with a financial planner to help you make a decision.
One key note: When you receive your Social Security statement annually, verify that “Your Taxed Social Security Earnings” are correct. Your Social Security benefits will be based on these numbers, so make sure that they are right!