Cognitive and emotional biases can have a big impact on your financial life. Each episode of Financial Decoder looks closely at one financial decision--and the biases that might cloud your judgment and cost you money. Host Mark Riepe, head of the Schwab Center for Financial Research, decodes the behavioral and psychological factors at play and shares strategies designed to improve the way you approach financial crossroads. Other experts join Mark to provide their unique perspective on behavioral economics, portfolio management, retirement planning, personal finance and more.

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&lt;p&gt;&lt;strong&gt;Summary&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;Mark Riepe is joined by Rob Williams and Susan Hirshman to examine one of the most critical retirement decisions: When should you take Social Security?&lt;/p&gt;&lt;p&gt;&lt;strong&gt;After you listen&lt;/strong&gt;:&lt;/p&gt;&lt;ul&gt;&lt;li&gt;Check out the helpful resources Susan mentions on the &lt;a href=&quot;https://www.ssa.gov/&quot;&gt;Social Security Administration&#039;s website&lt;/a&gt;.&lt;/li&gt;&lt;li&gt;Listen to Mike Townsend&#039;s &lt;a href=&quot;https://www.schwab.com/learn/washingtonwise&quot;&gt;&lt;i&gt;WashingtonWise &lt;/i&gt;podcast&lt;/a&gt; to stay abreast of the policy debates surrounding government programs like Social Security and Medicare.&lt;/li&gt;&lt;/ul&gt;&lt;p&gt;In this episode of &lt;i&gt;Financial Decoder&lt;/i&gt;, host Mark Riepe examines one of the most critical retirement decisions: When should you take Social Security? When you claim too early, your benefits are reduced, and yet a large percentage of people claim at the earliest possible age. What&#039;s driving this decision? Mark, along with his guests Rob Williams and Susan Hirshman, look at three psychological phenomena that could impact the decision.&lt;/p&gt;&lt;p&gt;Follow &lt;i&gt;Financial Decoder&lt;/i&gt; for free on Apple Podcasts or wherever you listen.&lt;/p&gt;&lt;p&gt;&lt;i&gt;Financial Decoder&lt;/i&gt; is an original podcast from Charles Schwab. For more on the series, visit &lt;a href=&quot;https://www.schwab.com/financialdecoder&quot;&gt;schwab.com/FinancialDecoder&lt;/a&gt;. &lt;/p&gt;&lt;p&gt;If you enjoy the show, please leave us a rating or review on &lt;a href=&quot;http://getpodcast.reviews/id/1440529681&quot;&gt;Apple Podcasts&lt;/a&gt;.&lt;/p&gt;&lt;p&gt;Reach out to Mark on X &lt;a href=&quot;https://twitter.com/MarkRiepe&quot;&gt;@MarkRiepe&lt;/a&gt; with your thoughts on the show.&lt;/p&gt;&lt;p&gt;Follow &lt;a href=&quot;https://open.spotify.com/show/5eKsYzSemWDLIQhSwezJyc&quot;&gt;&lt;i&gt;Financial Decoder &lt;/i&gt;on Spotify&lt;/a&gt; to comment on episodes.&lt;/p&gt;&lt;p&gt;&lt;strong&gt;Important Disclosures&lt;/strong&gt;&lt;/p&gt;&lt;p&gt;The information provided here is for general informational purposes only and should not be considered an individualized recommendation or personalized investment advice. The investment strategies mentioned here may not be suitable for everyone. Each investor needs to review an investment strategy for his or her own particular situation before making any investment decision. &lt;/p&gt;&lt;p&gt;All expressions of opinion are subject to change without notice in reaction to shifting market conditions. Data contained herein from third-party providers is obtained from what are considered reliable sources. However, its accuracy, completeness, or reliability cannot be guaranteed. &lt;/p&gt;&lt;p&gt;Examples provided are for illustrative purposes only and not intended to be reflective of results you can expect to achieve.&lt;/p&gt;&lt;p&gt;All names and market data shown above are for illustrative purposes only and are not a recommendation, offer to sell, or a solicitation of an offer to buy any security. Supporting documentation for any claims or statistical information is available upon request.&lt;/p&gt;&lt;p&gt;The policy analysis provided by the Charles Schwab &amp; Co., Inc., does not constitute and should not be interpreted as an endorsement of any political party.&lt;/p&gt;&lt;p&gt;[0824-HMCL]&lt;/p&gt;<br />


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