Good morning, Retirement Starts Today Community! Welcome to Every Day is Saturday, the newsletter reminding us that in retirement, every day is Saturday (including Thursday mornings).

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Episode Breakdown:

• 00:00 Welcome & intro
• 01:47 Retirement Headlines
• 19:50 Listener question

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Retirement Headline

"Why Delaying Social Security Benefits Isn’t Always The Best Decision"

Today’s headline comes from Derek Tharp, Ph.D., CFP®, writing for Kitces.com, and it challenges one of the most deeply ingrained pieces of conventional wisdom in retirement planning: that the best strategy is always to delay Social Security until age 70.

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Many academic models treat a future Social Security dollar as equal to a dollar today. That assumption quietly tilts the math toward “always wait until 70,” but it glosses over real-world risks and preferences.

Key challenges to “always delay”:

• Opportunity cost: If you’re spending portfolio dollars to “wait,” those dollars could have earned a real return.
• Mortality risk: Dying before the break-even age isn’t the right lens—your goal is meeting life goals with smooth, flexible cash flow.
• Sequence risk: Heavier early withdrawals during a downturn can sting (we usually bridge with cash/bonds).
• Policy risk: Potential benefit changes or taxation tweaks add uncertainty.
• Healthspan: A dollar at 62 often buys more life satisfaction than a dollar at 95.
• Regret & underspending: People are likelier to spend guaranteed income (SS) than portfolios—delaying can unintentionally reduce early-life enjoyment.

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We still think too few people delay and too many claim too early. Directionally, aim to delay the larger benefit (especially for couples) as long as you can comfortably stand, then stay flexible. Pair Social Security with guardrails so you can turn on benefits a bit early if markets or life events justify it.

Bottom line: Personal finance is…personal. Build a plan around expected utility (your lived satisfaction), not just expected value.

Listener Question:

“My advisor recommends a SPIA to bridge from now to Social Security. Pros/cons? Do you ever recommend annuities?”

A quick primer: A Single Premium Immediate Annuity (SPIA) exchanges a lump sum for a fixed payout over a set term (often ~5 years). Think of it like a CD-like income stream (insurance-backed, not FDIC).

Pros

• Simple, predictable income for a fixed window
• Often higher payout than comparable CDs of similar maturity
• Not callable: once locked, your payout doesn’t drop if rates fall

Cons

• Illiquidity during the term
• No inflation adjustment (we rely on the stock side of the portfolio to fight inflation)
• Insurance credit risk (mitigated by carrier due diligence and state guaranty limits)

Where it fits:
A SPIA can stand in for short-/intermediate-term bonds or CDs in a runway/bridge. We typically prefer a bond/CD ladder with our “seven usual suspects” (short/intermediate/long corporates & governments + money market). But for clients who value maximum simplicity and a known monthly check until SS, a SPIA can be perfectly reasonable.

Resources Mentioned

• ​Click here to view my YouTube channel, Even Better Retirement
• ​Click here to order my book, Retirement Starts Today: Your non-financial guide to an even better retirement
• ​Click here to read, Why Delaying Social Security Benefits Isn’t Always The Best Decision

I need your help...

I will be starting a new segment on my podcast: Retire TO something, not FROM something.

The segment will be brief at the end of the show and will share a fun retirement idea, along with links to learn more. Volunteer work and part-time “fun” jobs will be a common theme.

​Click here to share your ideas!

That's it for our four hundredth installment of "Every Day is Saturday." As always, I read (and usually reply to) every listener email. Got a question? Hit reply—you just might hear your name on the show.

Enjoy your “Saturday,”
​Benjamin Brandt

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