Ep. 5 - Unlocking Social Security: Timing Your Benefits for Maximum Value
In this episode of the Good Steward Law and Wealth podcast, host Ledly Jennings sits down with Ian Weiner of Bespoke Wealth Solutions to explore the complexities of Social Security and the crucial decision of when to start taking it. Ian dives into the often-overlooked topic of provisional income and how it can significantly impact the taxes on your Social Security benefits during retirement. They break down essential concepts like your PIA (Primary Insurance Amount) and FRA (Full Retirement Age). At the same time, Ian shares strategies to reduce your tax burden, even bringing it to zero. Tune in to learn how thoughtful planning can safeguard your legacy and ensure long-term financial stewardship.
IN THIS EPISODE:
- [0:25] Ledly introduces Ian Weiner and the topic of provisional income
- [1:29] Ian shares insights on social security, including a discussion of provisional income and when to take social security
- [5:37] Know your PIA (Primary Insurance Amount) and your FRA (Full Retirement Age)
- [7:29] Provisional income is the primary issue on how much your social security income will be taxed and how to identify that figure
- [9:30] How planning could put you in a zero tax bracket on your Social Security
KEY TAKEAWAYS
- Retirement planning requires careful consideration to ensure a retiree can enjoy a secure and comfortable retirement
- Knowing two numbers when you retire is critical: your PIA and your FRA
- There are three approaches to determining when to take social security. One is fear-based, one is a cookie-cutter approach, and the other is looking at the situation and figuring out the best way
RESOURCES:
GUEST BIO:
I'm Ian, I help discerning investors, families and business owners take back as much of their time as possible, while making sure they don't miss out on investment opportunities, and tax strategies to keep more of their wealth and pay as little as possible to Uncle Sam.
The way we'll work together is a bit different than what most people are used to, or expect from a financial advisor. Here's how we create a team that works for YOU:
We act as a Personal CFO (Chief Financial Officer) for you or your family / business. We help you build and manage your "Wealth Team" - the group of specialists that guides through every financial area: Tax preparation, Investments, Real Estate, Banking, Estate Planning, Corporate Law, Insurance, etc.
Most people we talk to have accumulated various professionals in these disciplines over time, and each one exists in their own "silo", and rarely do they communicate, let alone work together to make sure you're not missing out on any strategies or opportunities.
We come and help you make sure:
1. Those specialists are all "A" players - they are experts in their field, and they're proactive.
2. They work together and communicate.
We take over as the main point of contact for your "Wealth Team" so that you don't have to waste time having the same conversation with each one of them to try to get anything done.
We're simply adding a buffer for you - so that you can spend your time on what you enjoy most. When you get a "Pitch" of some product, investment strategy or idea, you simply toss it to us, we'll evaluate it with your team, and then present it to you if we think it makes sense. If it doesn't - you don't have to worry about it again.
Time is your most precious resource, we help you keep it, and spend it well.
Connect with me to request a Strategy Session
ABOUT THE HOST:
Attorney Ledly Jennings, founder of L. Jennings Law, specializes in protecting legacies and ensuring smooth transitions of personal and business assets. With offices in Arkansas, his firm offers expertise in estate planning, elder law, probate, and business planning. With a J.D. and MBA, plus valuable experience at Stephens, Inc., the state's largest investment bank, Ledly serves high-net-worth clients and family businesses statewide.
