Lifetime Income Series: Last Chance to Maximize Social Security Benefits

This week Jim and John revisit a topic from last fall regarding the sweeping changes made to Social Security. There is still a window of opportunity for a couple to maximize their benefits, but only if one spouse turns 66 before April 30th, and the other spouse is age 62 or older as of January 1st of this year. Eligible recipients must act before April 30th to take advantage of these “file and suspend” and “file and restrict” strategies. Jim goes over the new Social Security rules and illustrates the issues through the case study of Dave and Sandy Spencer. The guest this week is Jonathan Clements, a financial planning columnist, and former personal finance columnist for the Wall Street Journal. He discusses a recent article on how to avoid sabotaging your retirement.

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