Your Money Map with Jean Chatzky and Ben Harris

Key Takeaways

• Claim Social Security strategically: Waiting until age 70 instead of 62 can substantially increase your lifetime benefits, and Social Security won't actually 'go bankrupt'—even in a worst-case scenario it can still pay 80% of promised benefits after 2033
• Consider allocating 1/8 of your liquid retirement savings to an immediate or deferred annuity to create guaranteed lifetime income, freeing up the remaining 7/8 to spend with less anxiety about outliving assets
• Tap home equity through reverse mortgages (HECMs) if you have $300,000+ in home equity, want to stay in your home, and don't prioritize leaving a large inheritance—this unlocks wealth without selling
• Take advantage of SECURE Act changes that allow higher QLAC contributions (qualified longevity annuity contracts) within your 401k and employer-sponsored annuity options, which build trust through a familiar, credible source
• Shift your mindset from 'accumulating wealth' to 'diversifying income streams' in retirement by combining Social Security, annuities, home equity access, part-time work, and other income sources for flexibility and security