Ep 37: Mailbag – Social Security, 401k Investments and Long-Term Care

Today, we’re answering your mailbag questions. Up first, Beth wants to know if it was a mistake to take Social Security early. We’ll also answer your questions about 401k investments and long-term care.



It’s a mailbag edition of the podcast as we dive into the listener questions and answer a few on the show.

Let’s get started.

Beth asks: I started taking my Social Security as soon as I turned 62, which was two years ago. Was that a mistake? Should I have waited? 

Thanks for the question. After two years of taking your Social Security, the horse it out of the barn. Everyone’s situation is different and we don’t know your exact details, so we won’t know if that was a good decision until the future unfolds. 

Did you leave some money on the table? Potentially. The great mystery of life is we don’t know when the good Lord will take us. There is no beneficiary clause for Social Security. 

If you’re married and your husband passes and his Social Security was bigger, you’ll get his bigger number, but you’ll lose yours.

So, this begs the question: When is it best for anyone to take Social Security? Well, guess what? It depends on the person and their circumstances. It’s an individual decision that needs to be driven by your health, marital status, financial situation, etc. 

You don’t want to make this decision in a silo. We have software that can help you make this decision. Give us a call, and we can help. 

Jimmy asks: I don’t like my 401(k) investment options, but my company says I’m not eligible to roll the money to an outside account. But I hear people talking all the time about rolling over your 401(k) to an IRA, so how does this work? 

There are some rules about whether you can roll the money, but there are ways to maneuver those rules. One of the ways is if any portion of your 401(k) was rolled from your previous job, you can roll that right out. 

Listen to the full episode or use the timestamps to jump to a specific section. Thanks for listening! We’ll be back for another show every other Thursday.

Today’s Rundown:

[0:51] Social Security

[4:05] 401k investments

[7:51] Long-term care

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