Ron Roberts discusses social security planning for retirement

Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-ron-roberts-founder-and-ceo-of-roberts-retirement-group-discussing-social-security-planning-for-retirement/

Ron Roberts, founder and CEO of Roberts Retirement Group, discusses the critical topic of social security planning for retirement. He explores the common misconceptions surrounding social security, emphasizing that it is just one piece of the retirement puzzle. Ron shares insights on how he begins conversations with clients about their retirement intentions, particularly focusing on those who plan to retire early at age 62. He highlights the implications of taking social security benefits at this age and the potential to work part-time while receiving benefits.

Social Security planning is a vital component of retirement strategy that requires a comprehensive evaluation of various factors. In a recent podcast episode featuring Ron Roberts, founder and CEO of Roberts Retirement Group, several key considerations were discussed that individuals must take into account when planning for Social Security benefits.

One of the primary factors influencing Social Security planning is the age at which an individual intends to retire. The options typically range from early retirement at age 62 to full retirement age, which is 66 or 67, depending on the year of birth.

• Early Retirement: If a person chooses to retire at 62, they can begin receiving Social Security benefits, but this is considered early retirement. It is important to note that if they continue to work and earn above a certain threshold (approximately $20,000), their benefits will be reduced. Specifically, for every $2 earned over this limit, $1 is deducted from their Social Security benefits.
• Full Retirement Age: For those who reach full retirement age, they can work without any reduction in benefits. This age varies based on birth year, with individuals born before 1960 typically reaching full retirement age at 66, while those born in 1960 or later reach it at 67.
• Delaying Benefits: Individuals also have the option to delay their benefits until age 70, which can result in an 8% increase in their monthly benefits for each year they wait. This strategy can be particularly beneficial for those who do not need immediate income and have a longer life expectancy.

Another critical aspect of Social Security planning is understanding one’s income needs during retirement. Some individuals may require immediate income to cover living expenses, while others may have sufficient resources to delay claiming benefits.

• Immediate Income: For those who need income right away, starting Social Security benefits as soon as possible may be the best option.
• Deferring Benefits: Conversely, if individuals can afford to wait, deferring benefits can lead to a higher monthly income later, which can be advantageous for long-term financial stability.

Ron also explained: “Family health history plays a significant role in determining the optimal strategy for claiming Social Security benefits. Individuals with a family history of longevity may choose to delay benefits to maximize their payouts, while those with a shorter life expectancy might opt to claim earlier.”

For example, if a client has a family history of living into their 80s or 90s, it may be wise to defer benefits to take advantage of the increased payouts.

Additionally, personal health status and any existing medical conditions should be factored into the decision-making process. Individuals who are in poor health may prefer to claim benefits earlier to ensure they receive the funds while they are still able to enjoy them.

About Ron Roberts

Ron was born in Burbank California and grew up in the Mojave Desert. Being the first of six children born to deaf parents, he learned responsibility at an early age. His commitment to family and faith is unwavering. It’s the essence of who he is and the foundation of his business success. Living for a higher purpose and caring for others has always been Ron’s focus.

After high school, he joined the United States Coast Guard where he learned about hard work, discipline, and duty. He enjoyed serving his country and helping to keep people safe. He grew in experience through training, education, and travel. He developed a love for the sea and enjoys boating and sailing with friends and family.

After completing his time with the Coast Guard, Ron served on a mission for the deaf in Chicago for his church. While there, he formed the first deaf scout troop in Chicago for the Boy Scouts of America. Returning from Chicago, Ron attended college in Stockton, California where he met his wife, Julie. They were married in the spring of 1984. In 1991, Ron and Julie moved to Amador County where they enjoyed raising their four daughters in a close knit community. Ron’s hobbies include reading, boating, sports, and traveling with his family. Ron also volunteered at a private school where he taught history and American Sign Language. Family, faith, and community are the most important things that define Ron.

Ron’s chosen vocation as a Retirement Planning Professional allows him to use his experience, his gifts, and his love for family to help people in a very special way. Ron has been in the retirement planning industry since 1990. Founded in 2002, Roberts Retirement has grown over the years to serve families in northern California and around the country.

Ron has served as President of the California Estate Planning Counsel and continues to mentor other retirement planning professionals all across the United States. He is constantly educating himself on the most up-to-date investment strategies and changes in the financial industry. Ron is recognized as a leader in the industry, is a sought-after speaker, and has been featured in Senior Market Advisor Magazine

Learn more: https://www.robertsretirement.com/

Recent Interviews and News

• Ron Roberts discusses highlights of longevity planning for retirement: Ron Roberts Founder & CEO of Roberts Retirement Group, Interviewed on the Influential Entrepreneur Podcast Discussing Longevity Planning for Retirement – Authority Press Wire