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Social Security Timing: Reframing Your Thinking For Better Decision-Making
Manage episode 425967434 series 3404044
内容由Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®, Kevin Kroskey, Tyler Emrick, and CFA® CFP®提供。所有播客内容（包括剧集、图形和播客描述）均由 Kevin Kroskey, CFP® & Tyler Emrick, CFA® CFP®, Kevin Kroskey, Tyler Emrick, and CFA® CFP® 或其播客平台合作伙伴直接上传和提供。如果您认为有人在未经您许可的情况下使用您的受版权保护的作品，您可以按照此处概述的流程进行操作https://zh.player.fm/legal。
Our brain uses mental shortcuts to help us solve problems. While they can be quite helpful, in some areas they may harm our decision-making. Social Security claiming is often one of these negatively impacted areas.
In this episode, hear Tyler Emrick, CFA®, CFP®, discuss the mental shortcuts (aka cognitive biases) at play when deciding to take your Social Security benefits. Being cognizant and acting with a more prudent decision-making process will likely help you realize a better outcome and improved retirement.
Here’s some of what we discuss in this episode:
- Optimism and pessimism bias can skew our judgments when making decisions.
- Present bias and temporal discounting. In the context of Social Security, this means favoring smaller payments now over larger payments later, a decision that can significantly impact long-term financial health.
- The anchoring effect is another critical bias discussed. This occurs when individuals rely too heavily on the first piece of information they encounter—such as the earliest age they can claim Social Security—making it challenging to adjust their plans with new information.
- Tyler explains the concept of delayed retirement credits and how Social Security benefits are designed to be actuarially equivalent, regardless of when you start claiming them.
- How Social Security is uniquely impacted by inflation and interest rates.
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