Episode 10: Catching Knives & Claiming Checks - What to Do When the Market Dips
In this episode of Retirement Roadtrip, we tackle market drops, emotional decisions, and how to make smart moves with Social Security and Medicare. After a rough market week fueled by tariff talk and economic fear, Greg and Tom get real about what investors should (and shouldn’t) do next. They also break down the often misunderstood rules around filing for Social Security, spousal benefits, Medicare enrollment, and how to protect your income in retirement.
Whether you're 23 and panicking, or 65 and confused about healthcare, this episode clears the fog and helps you move forward with confidence.
(00:09) What to Do When You're Scared to Look at Your Portfolio
Why market dips like this one feel worse than they are—and what history tells us about recovery.
You have to be right twice to time the market. Most people aren’t.
Greg explains the long-term cost of selling everything during a downturn.
(02:50) 5 Practical Steps to Stay Grounded
Look at history for context—every correction has been followed by growth.
Save appropriately and adjust your investment mix based on age.
Check your risk tolerance—65-year-olds shouldn’t be investing like 25-year-olds.
Spend intentionally, especially when inflation and prices rise.
Control what you can—your savings, spending, and allocation.
Social Security: Timing, Strategy & Common Misconceptions
(04:40) What If You’re Ready to Pull Out of the Market Entirely?
For retirees: If you're overexposed to stocks, this is your wake-up call.
For younger investors: Market dips are a buying opportunity, not a time to panic.
Why you should never sell shares to fund income—use dividends and interest instead.
(08:46) “Is Social Security Going Away?”
No, it’s not. And yes, your check is still coming.
ssa.gov is your best friend—stop listening to fear-mongering headlines.
If you need help applying, a financial advisor can walk you through it step by step.
(15:04) When Should You File? Early, On Time, or Late?
Why filing before your Full Retirement Age (FRA) could cost you.
The $22,500 earnings limit explained—and why Dave Ramsey’s advice doesn’t apply if you’re still working.
Real-life strategies for when it does make sense to file early.
(21:07) Understanding Spousal Benefits
If your benefit is less than half of your spouse’s, you may qualify for more.
Timing is key: your spouse must file before you can claim spousal benefits.
Social Security can help you calculate exact numbers, but it won’t help with strategy. That’s where a fiduciary comes in.
Medicare: The Alphabet Soup That Matters
(24:04) What You Need to Know About Medicare at 65
Everyone signs up at 65—no early or delayed options like Social Security.
“3-1-3” Rule: Apply 3 months before, during, or 3 months after your 65th birthday.
(25:32) Medicare Parts A, B, and D—What’s Covered & What’s Not
Part A (hospitalization) is free—everything else, not so much.
Part B (doctors) and Part D (prescriptions) come with monthly costs.
(26:14) Meet IRMAA: The Income-Related Surprise
IRMAA is a surcharge based on your income from two years ago.
High-income retirees could pay significantly more for the same Medicare benefits.
If your income is below $206,000 (joint), you’ll likely avoid IRMAA and pay around $170/month.
Final Takeaways
(30:44) Why Social Security Isn’t Enough on Its Own
For the average American, Social Security covers about a third of pre-retirement income.
If you're used to taking home $4,500/month, a $1,500 Social Security check won't cut it.
Retirement takes a plan—your savings become your paycheck.