James Durden discusses the importance of social security
Listen to the interview on the Business Innovators Radio Network: https://businessinnovatorsradio.com/interview-with-james-edward-durden-jr-owner-of-edward-financial-group-discussing-social-security/
James Edward Durden, Jr. from Edward Financial Group, discusses Social Security. He addresses the burning question of whether Social Security will be available when needed. He references past reports indicating the financial status of Social Security up to 2043 and explains the potential future challenges.
Social Security benefits are calculated based on the highest 35 years of earnings. The Social Security Administration reviews the earnings from the 35 years in which an individual earned the most income to determine the primary insurance amount (PIA), which is used to calculate the monthly benefit amount a person is eligible to receive.
An interesting point highlighted is that continuing to work and earn a higher income in later years can increase an individual’s Social Security benefit amount. This is because the highest 35 years of earnings are considered when calculating the benefit. Therefore, if someone works and earns a higher income in their later years, those higher earnings can replace lower earnings from earlier in their career, resulting in an increase in the primary insurance amount and a higher Social Security benefit.
For instance, if someone is currently making $100,000 a year and 35 years ago they were making $20,000 a year, working one more year at the higher income level can replace the lower income from the past, leading to an increase in the primary insurance amount and ultimately a higher Social Security benefit.
James shared: “At Edward Financial Group, we’re passionate about demystifying retirement planning. We’re excited to offer education that empowers our clients to make informed decisions, ensuring a secure and fulfilling retirement journey.”
Having a written income plan is crucial when making decisions about Social Security benefits alongside other assets. In the podcast episode, James Edward Durden, Jr., emphasized the importance of having a strategic plan outlining when to take Social Security benefits to maximize net income. He stressed the significance of integrating Social Security decisions with other aspects of a retirement plan rather than viewing it in isolation.
Durden noted that Social Security benefits can make up a significant portion of retirement income, especially for average earners or those with lower incomes. Therefore, integrating Social Security decisions with other assets and income sources is essential for optimizing overall financial stability in retirement.
In conclusion, the episode emphasized the necessity of having a written income plan that strategically incorporates Social Security decisions with other financial assets. By carefully planning when to take Social Security benefits and considering the impact on overall net income, individuals can make informed decisions that maximize their financial well-being in retirement.
About James Durden
James Edward Durden Jr. is the owner of Edward Financial Group and a seasoned financial professional with a strong educational background. He holds a double bachelor’s degree in Finance and Risk Management, equipping him with a comprehensive understanding of financial markets and risk assessment. Known for his high ethical standards and passion for his work, James is dedicated to providing clients with reliable and informed financial guidance. Outside of the office, he enjoys hiking, bike riding, and watching NFL football, balancing his professional life with a love for outdoor activities and sports.
If you’re ready to take control of your retirement planning and secure a bright financial future, we’re here to help. Visit our website at Edward Financial Group.com or call us at 404-919-8916 to schedule a free consultation. Don’t wait—start your journey to financial confidence today!”
Learn more:
https://edwardfinancialgroup.com
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