Can Bucket 1 Actually Increase Your Social Security Benefits? – Episode 233
The question of when to take your Social Security retirement benefits often comes down to whether you need the money now or can wait until later. Larger benefit checks await those who take it later, but is there a way to perhaps get the cash flow you need right now from another source while delaying your benefits as long as possible?
Bucket 1 may be able to help. By creating your own cash flow for 7 or 8 years, up until you turn age 70, you may be able to create a kind of “quasi benefit” and allow yourself to take those larger checks later on.
How might that work? Find out from host Johnny Dean and Rick “The Professor” Plum, CFP® on this week’s episode of Managing Your Financial Future!
Prior to investing in a 529 Plan investors should consider whether the investor's or designated beneficiary's home state offers any state tax or other state benefits such as financial aid, scholarship funds, and protection from creditors that are only available for investments in such state's qualified tuition program. Withdrawals used for qualified expenses are federally tax free. Tax treatment at the state level may vary. Please consult with your tax advisor before investing. (19-LPL)
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