Retirees Share What Happened When They Took Social Security Early (#208)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode, A.B. Ridgway explores the decision of when to start collecting Social Security benefits. Through interviews with individuals who opted to take their benefits early, listeners gain insights into the diverse reasons behind such decisions. The episode emphasizes the importance of personal circumstances and individual needs in making financial choices, particularly regarding Social Security.

Key Takeaways:

1. Diverse Perspectives on Social Security: The episode highlights contrasting views on when to start collecting Social Security benefits, ranging from taking it as soon as possible to waiting until full retirement age. This diversity underscores the complexity of the decision and the need for personalized considerations.
2. Emotional Factors in Financial Decision-Making: A significant takeaway is the role of emotions in financial choices. For instance, one interviewee's decision to take Social Security early was driven by a fear of mortality rather than purely financial considerations, illustrating the emotional aspect of financial planning.
3. Individual Needs Over External Influences: The importance of prioritizing individual needs over external influences like societal norms or peer recommendations is emphasized. Listeners are encouraged to make decisions based on their unique circumstances rather than external pressure.
4. Potential Regrets and Future Concerns: The episode discusses the regrets some individuals have regarding their Social Security decisions, highlighting the importance of thoughtful planning to avoid future financial concerns and regrets.
5. Seeking Professional Guidance: A.B. Ridgway encourages listeners to seek professional financial advice tailored to their specific situations. This underscores the value of working with a financial planner to navigate complex decisions like when to begin collecting Social Security benefits.

Quotes:

1. "Many times we think of why people take social security early or make financial decisions. It's said we make decisions emotionally and justify them logically." - A.B. Ridgway
2. "Sometimes making financial decisions is a feeling process, and a financial planner should respect that as well." - A.B. Ridgway
3. "An individual decision based on individual needs... what you need for you in your life." - A.B. Ridgway

Key Moments:

0:00 - Introduction

0:20 - Retirees shares EMOTIONAL stories of Social Security Withdrawals

1:54 - Why Retirees Take Social Security Early and Why They Wait

4:03 - Final thoughts from A.B. Ridgeway

💵Sign up for a Christian Finance Consultation and create your Financial Plan Today!

https://calendly.com/abridgewaywm/consultation

*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.