Early Retirement Before Claiming Social Security: The Power of the Bridge Strategy

A Social Security bridging strategy involves spending from your assets after you stop working instead of taking your retirement benefit immediately. There are pros and cons of this approach, but the benefits can be substantial. In particular, you might: ☑️ Maximize your retirement income ☑️ Reduce risk over the long term ☑️ Open the door to tax strategies ☑️ Possibly help improve things for a surviving spouse ☑️ And more But there are no guarantees in life, and there are always tradeoffs. That’s true with a Social Security bridge, as well. For instance, you might be hesitant to spend down your assets while you wait. That’s understandable. And delaying benefits isn’t right for everybody. Whether you have health issues or you just want the income sooner than later, it could be appropriate to take benefits early. Get free retirement planning resources: https://approachfp.com/2-downloads/ 🔑 9 Keys to Retirement Planning 🐢 6 Safest Investments In this video, we explore how the strategy works, we cover some pros and cons, and we review a few tips for anybody who wants to use it. More on this topic: Read the article here: https://www.approachfp.com/how-a-soci... Video on delaying Social Security:    • What Happens When You Delay Social Security?   Video on taxes in retirement:    • Taxes in Retirement: Why You Still Pay Tax...   Study on when people claim: https://bipartisanpolicy.org/download... 🌞 Subscribe to this channel (it's free):    / @justinonretirement   Learn about working with me at https://approachfp.com/ ✔️ Flat-fee and hourly advice 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 Why Use a Social Security Bridge? 02:03 What Is a Bridge Strategy? 04:22 Unique Features of Social Security 04:47 Inflation Adjusted Payments 05:27 Lifetime Income 07:03 Benefits of the Bridge Strategy 08:30 Reduce Your Risk 09:29 Provide for a Surviving Spouse 10:38 Enable Tax Strategies 12:53 Potential Drawbacks 15:55 Tips for Using the Strategy IMPORTANT: 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.