Will You Maximize Your Social Security Income? Or Choose Poorly? | Julia Lembcke

WANT HELP WITH RETIREMENT PLANNING? SCHEDULE YOUR FREE PORTFOLIO REVIEW with Thoughtful Money's endorsed financial advisors at https://www.thoughtfulmoney.com When to take Social Security is more important, and more complicated, than most realize. There are plenty of ways to make a bad choice and miss out on $tens of thousands (or more) of income you could otherwise receive in retirement,. Julia Lembcke returns to explain how Social Security works and the most important considerations you need to take into account in determining when to take it. For a very practically useful breakdown of all things Social Security, watch this video. #socialsecurity #retirement #retirementincome 0:00 –What is Social Security and how does it work? 2:52 – How Social Security is funded (payroll taxes and trust funds) 4:00 – Earning credits and qualifying for benefits 4:40 – How benefits are calculated (highest 35 years and wage cap) 6:05 – Other funding sources and taxation of benefits 7:08 – Social Security solvency concerns and 2033 projections 7:45 – Historical changes that have kept the system viable 8:26 – Early claiming penalty and delayed retirement credits 10:49 – Possible congressional fixes to avoid benefit cuts 13:49 – Can you work while collecting Social Security? 14:17 – The earnings test before full retirement age 18:02 – When should you claim Social Security? 19:02 – Valid reasons to claim at age 62 23:55 – Case Study 1: Joe & Lynn (higher earner + lower earner strategy) 27:32 – Why delaying the higher earner’s benefit matters for survivors 29:41 – Case Study 2: Bruce & Debbie (spouse with no own benefit) 31:11 – How spousal benefits work and when they begin 33:30 – Spousal “bump-up” when your own benefit is lower 34:53 – Divorced spouse benefits and claiming on an ex 37:22 – The old restricted application strategy (pre-1954 rules) 38:51 – Case Study 3: John & Candace (two high earners) 42:23 – Disabled Adult Child (DAC) benefits and family maximum 46:50 – How Social Security is taxed (provisional income explained) 50:06 – Coordinating Social Security with tax strategy and IRMA for higher earners _____________________________________________ Thoughtful Money LLC is a Registered Investment Advisor Promoter. We produce educational content geared for the individual investor. It’s important to note that this content is NOT investment advice, individual or otherwise, nor should be construed as such. We recommend that most investors, especially if inexperienced, should consider benefiting from the direction and guidance of a qualified financial advisor registered with the U.S. Securities and Exchange Commission (SEC) or state securities regulators who can develop & implement a personalized financial plan based on a customer’s unique goals, needs & risk tolerance. All the details on Thoughtful Money's relationship with the financial advisors it endorses, many of whom regularly appear on this program, can be found in the following documents. We highly recommend you review these documents as they cover the terms that will apply should you choose to work with one of these firms at any time after watching this video. Thoughtful Money Disclosure Document: https://thoughtfulmoney.com/disclosure Thoughtful Money Agreement: https://thoughtfulmoney.com/agreement IMPORTANT NOTE: There are risks associated with investing in securities. Investing in stocks, bonds, exchange traded funds, mutual funds, money market funds, and other types of securities involve risk of loss. Loss of principal is possible. Some high risk investments may use leverage, which will accentuate gains & losses. Foreign investing involves special risks, including a greater volatility and political, economic and currency risks and differences in accounting methods. A security’s or a firm’s past investment performance is not a guarantee or predictor of future investment performance. Thoughtful Money and the Thoughtful Money logo are trademarks of Thoughtful Money LLC. Copyright © 2026 Thoughtful Money LLC. All rights reserved.