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How Early Retirement Shrinks Social Security (Calculators Compared)

How do you get answers? If you retire early, your Social Security payment might be less than you expect. In this case, “early” retirement means that you stop working before you start taking retirement income from Social Security. That could mean retiring in your mid to late 60s, but the impact is usually biggest if you retire in your 50s. Your Social Security estimate assumes that you’ll keep working until you claim benefits. But that won’t be accurate for a lot of people. So, how wrong is your estimate, and how can you get the information you need? Get free retirement planning resources: https://approachfp.com/2-downloads/ 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments Social Security has several calculators, but you need to understand the pitfalls of using those calculators. They might not dial in your benefits as accurately as you want. Fortunately, you have several choices, and financial planning software can also help. For example, I use Right Capital or Income Lab, which allows for manual entry of your earnings history. That way, the program finds your highest 35 years of earnings and applies the Social Security calculations with pretty good success. Learn about working with me at https://approachfp.com/ ✔️ Flat-fee options ✔️ One-time projects available ✔️ Investment advice (optional) Justin Pritchard, CFP® is a fee-only fiduciary advisor who can work with clients in Colorado and most other states. CHAPTERS: 00:00 Intro 01:13 Will Your Benefit Be Reduced? 01:44 Social Security's Early Retirement Calculator 04:24 SSA's Online Calculator With Manual Entry 07:31 Financial Planning Software 09:36 Compare Early Retirement Reductions by Tool IMPORTANT: Always verify directly with the Social Security Administration before making any decisions. It's impossible to cover everything you need to know in a video like this. The only thing that's certain is that you need more information than this. Always consult with a CPA before making decisions or filing a tax return. This is general information and entertainment, and is not created with any knowledge of your circumstances. As a result, you need to speak with your own tax, legal, and financial professional who is familiar with your details. This video is not a substitute for individualized, personal advice. Please verify with your plan administrator when employer plans are involved. This information may have errors or omissions, may be outdated, or may not be applicable to your situation. Investments are not bank guaranteed and may lose money. Opinions expressed are as of the date of the recording and are subject to change. “Likes” should not be considered a positive reflection of the investment advisory services offered by Approach Financial, Inc. The Comments section contains opinions that are not the opinions of Approach Financial, Inc., and you should view all comments with skepticism. Approach Financial, Inc. is registered as an investment adviser in the state of Colorado and is licensed to do business in any state where registered or otherwise exempt from registration.

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