Retirement planning is a delicate process, and you need to carefully consider your various income streams, including Social Security benefits. For those of us who plan to continue working while claiming Social Security, it’s important to understand how this decision can impact the monthly benefits you receive.

In this episode, we’re sharing how to avoid financial shocks in retirement. We discuss the essentials of earned income, the reduction in benefits due to excess earnings, and specific scenarios such as spousal and ex-spouse benefits.

• [1:08] Social Security benefits may be impacted if you work while claiming
• [04:27] How retirement financial planning strategies vary by individual circumstances
• [07:17] Earnings affect Social Security benefits before retirement
• [11:51] Your spouse's income doesn't affect your Social Security
• [15:18] SSA withholds payments until excess income is accounted for
• [18:44] Social Security timing advice
• [20:04] Seek financial advisor help to make an educated decision about retirement

• How Is My Social Security Benefit Calculated? - Financial Symmetry, Inc.
• SSA - Social Security in retirement
• The Retirement Podcast Network

• https://www.financialsymmetry.com/podcast-archive/
• Connect on Twitter @csmithraleigh @TeamFSINC
• Follow Financial Symmetry on Facebook

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We all have visions of our ideal retirement. However, our financial plans can quickly veer off course if we haven't appropriately managed our risks.

On this episode of Financial Symmetry, Greg Suggs from Greg Suggs Insurance joins me to discuss how to manage common risks that could negatively affect your wealth. You won’t want to miss out on these easy-to-implement pieces to your insurance puzzle that could save your assets.

• [1:23] A bit about Greg
• [2:09] Biggest changes in insurance over the past 30 years
• [5:12] The biggest risks for homeowners
• [11:11] Common mistakes homeowners make
• [14:33] What to think about if you are considering a second home
• [17:21] What to consider if you own a rental property
• [19:00] Automobile insurance for young drivers
• [23:22] What about insurance for gig work?
• [25:37] How to lower your insurance needs

• The Retirement Podcast Network
• Greg Suggs Insurance

How do you begin to save for your children to go to college? With the rising costs of college education, is it worth the monetary commitment?

Including tuition & fees, room & board, books & supplies, etc. the average cost of college is anywhere from $27,000 for an in-state public school up to $80,000–$90,000 a year for an Ivy League School.

How you pay for your student’s college is one of the most important financial decisions you’ll ever make. In this episode, we cover the three phases of saving for college and what you need to pay attention to in each phase.

• [1:53] Why college? Is it necessary?
• [2:41] Average cost of college
• [4:42] Phase #1: The Saving Phase
• [10:02] Phase #2: Preparing for college
• [20:44] Phase #3: In-college strategies
• [22:57] Summarizing the big points

• The Retirement Podcast Network
• Social Security – Lifetime Earnings of College Graduates
• Morningstar – How to Choose a 529 Plan
• The FAFSA Application
• IRS – American Opportunity Tax Credit (AORC)
• IRS – Lifetime Learning Credit
• Independent Education Consultants Association
• US News – Qualified 529 Expenses
• Charles Schwab – 529 to Roth Rollovers