Good morning. We're halfway through July and my AC has been running so hard I'm afraid to open the electric bill.

In this issue:

Here's something that bothers me: millions of people make the single biggest financial decision of their retirement based on break-room advice. "Take Social Security at 62 before they change the rules." I hear it constantly. And it's almost always wrong.

You can claim Social Security as early as 62. But if your full retirement age (that's the age where you get 100% of your benefit — it's 67 for anyone born in 1960 or later) is 67 and you claim at 62, your benefit is permanently reduced by about 30%.

Let's put numbers on it. Say your FRA benefit is $2,000/month. Claim at 62 and you get roughly $1,400/month. Wait until 70 and you get about $2,480/month — that's an 8% increase for every year you delay past FRA, which adds up to a 24% boost.

The takeaway: The break-even point is around age 80. If you live past 80, delaying was the better financial choice. And the average life expectancy at 65 is about 84 for men and 87 for women. The odds favor waiting.

There's a spousal angle too. If you're the higher earner, delaying protects your spouse — when you die, they inherit your larger benefit as a survivor benefit. That decision can mean the difference of $200,000+ over a surviving spouse's lifetime.

➡️ Read the full breakdown

💰 One budgeting trick: the subscription audit. My dad was spending $300/month on subscriptions he'd forgotten about. A 20-minute audit fixed that — $3,600 a year. I wrote a full guide on budgeting specifically for retirees, covering everything from grocery strategies to reducing utility costs.

→ Read the budgeting guide

🚗 AARP's online driving course saves you money. The AARP Smart Driver course costs $25 ($20 for members) and takes about 6 hours online. In most states, completing it gets you a car insurance discount of 5-15% for 3 years. The takeaway: That's $150-400 in savings for a $25 course.

🩺 Your Medicare plan has a free annual wellness visit. This isn't the same as a regular checkup. It's a prevention-focused visit where your doctor reviews your health risks, updates your screening schedule, and checks for cognitive changes. It's covered at $0 under Part B. Most people don't use it. What to do: Call your doctor's office and specifically ask for an "Annual Wellness Visit" — use those exact words so they bill it correctly.

Reverse Mortgages: Complete Basics Guide for Homeowners — by Benjamin Wells

Reverse mortgages have a reputation problem. Some of it is deserved, some isn't. Benjamin's guide breaks down the math without trying to sell you anything — eligibility requirements, the three types, real costs (origination fees can run up to $6,000), and what happens to your home when the loan comes due.

The part that surprised me: HECM reverse mortgages (that's the federally insured kind) are non-recourse loans. Your heirs will never owe more than the home's value. That detail changes the math for a lot of families.

➡️ Read the full guide

My neighbor retired last year. I asked him what he does all day. He said "Tuesday I mow the lawn. Wednesday I think about mowing the lawn. Thursday I recover from mowing the lawn." He's never looked happier.

Until next Tuesday,
Nino

P.S. If someone you know is wrestling with the "when do I claim Social Security" question, forward this their way. And hit reply if you've got questions — I read every reply.