Bruce Helmer and Peg Webb

From time to time, we get a listener question on our Sunday morning show on WCCO that opens the door to a much larger financial planning conversation. This is one of those questions:

“I’m 62. I don’t need Social Security to live on. Should I take the benefit now and invest it for better returns?”

You may have recently heard versions of this argument on social media or financial podcasts. The logic sounds straightforward: the stock market has historically delivered strong long-term returns, so why not claim Social Security early and put that money to work?

The problem is that this comparison often oversimplifies what Social Security actually is and underestimates how much risk and leverage already exist in today’s financial markets.

Social Security is not just another income stream

Social Security is fundamentally different from an investment portfolio. It provides something markets do not offer on their own: government-backed, inflation-adjusted income for life. That income continues regardless of market performance, inflation trends, or how long you live.

Claiming benefits at age 62 permanently reduces that income by about 25% to 30% compared with claiming at full retirement age. That reduction lasts for the rest of your life and can also affect survivor benefits for a spouse.

This is why the decision to claim Social Security is not a short-term trade. It is a permanent planning decision.

The built-in leverage of delaying benefits

One of the most overlooked aspects of Social Security is the financial leverage built into delaying benefits. When you wait to claim, you increase a guaranteed, inflation-adjusted paycheck without borrowing money, without market volatility and without behavioral risk.

For example, delaying benefits until age 70 can result in a monthly benefit roughly 77% higher than starting at age 62. That’s not market leverage, it’s planning leverage. And unlike market leverage, it is designed to stabilize outcomes rather than amplify risk.

Why “I’ll just invest it” isn’t clean math

The argument for claiming early usually assumes that stocks will outperform Social Security over time. While that may be true in some scenarios, it overlooks several important factors.

First is sequence-of-returns risk. It is not enough for markets to deliver strong long-term averages. Returns need to be favorable early and consistent. Poor market performance in the first several years of retirement can permanently damage your purchasing power, especially if you’re compelled to take withdrawals.

Second, investing Social Security benefits converts a guaranteed income stream into a market-dependent outcome. You are voluntarily trading certainty for volatility at a stage of life when recovery time matters more than ever.

Markets already carry leverage

Many investors think of leverage only in terms of margin loans, but modern markets are already leveraged in less obvious ways. Corporate debt levels, private equity structures, derivatives and even concentration within major stock indexes all introduce leverage into stock portfolios.

For retirees, this matters because leverage cuts both ways. When markets decline, leverage can magnify losses. Required withdrawals during downturns can compound the damage, particularly when there is limited time to recover.

This is why income decisions deserve special care. If a portfolio already contains embedded leverage, the income strategy should emphasize stability rather than additional risk.

The behavioral and tax dimensions

This question often reflects more than just return calculations. Many retirees worry about missing out on growth or assume guaranteed income equals underperformance. In reality, Social Security does not replace investing, it supports it.

A stable income stream can reduce the need to sell investments during market downturns and make it easier to stick with a long-term plan when volatility strikes.

Taxes also matter. Delaying Social Security may lower taxable income in early retirement years, creating opportunities for strategies such as Roth conversions. Investing the benefit, by contrast, may introduce additional tax friction, since benefits and investment returns can both be taxable.

Traditional IRA account owners have considerations to make before performing a Roth IRA conversion. These primarily include income tax consequences on the converted amount in the year of conversion, withdrawal limitations from a Roth IRA, and income limitations for future contributions to a Roth IRA. In addition, if you are required to take a required minimum distribution (RMD) in the year you convert, you must do so before converting to a Roth IRA.

When claiming early can make sense

There are situations where claiming Social Security at 62 is appropriate, including shortened life expectancy, limited survivor considerations or immediate cash-flow needs. But these should be planning-driven decisions, not market bets.

Instead of asking, “Can I earn more by investing my Social Security?” a more useful question is: “What role do I want Social Security to play later in my retirement?”

We certainly do not want to give the impression that we are in any way against having a significant proportion of retirement funds in market-based accounts. Far from it. We are considering the narrow question of whether it makes sense to claim Social Security benefits early and invest them in the stock market. For most people, the answer is no. In markets already filled with leverage and volatility, Social Security remains one of the few tools intentionally designed to add stability. That is a feature worth valuing.

Related Articles

Your Money: Career pivots: The financial side of seeking greener pastures

Your Money: Markets were up in 2025, will it continue?

Your Money: Helping children build healthy money habits

Your Money: A simple financial health check for any age

Your Money: Resolution: New year, no (bad) debt

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on WCCO 830 AM on Sunday mornings. Email Bruce and Peg at yourmoney@wealthenhancement.com. Advisory services offered through Wealth Enhancement Advisory Services LLC, a registered investment adviser and affiliate of Wealth Enhancement Group.

 

It’s pretty clear after talking to a wide range of people at the NFL Combine in Indianapolis last week that the Vikings are going to add a quarterback in the near future.

Though they aren’t ready to completely punt on J.J. McCarthy, they want to see if competition brings out the best in the young QB.

“We’ve got to make up for some lost time,” head coach Kevin O’Connell said of McCarthy, who has played only 10 of 34 games in his career because of injuries. “It’s going to be about that competition being a catalyst for making up on some of that lost time.”

Who exactly fits that mold for the Vikings? The market will dictate the options at their disposal.

“We’re not going to try to manufacture anything that’s not there,” acting general manager Rob Brzezinski. “We’re going to do what’s in the best interest in the Vikings in 2026 and beyond.”

That might rule out a big name like, say, Cincinnati Bengals quarterback Joe Burrow. You can’t trade for somebody that isn’t available. It doesn’t matter how trendy the idea itself has been on social media.

Some of the most notable names that popped up in casual conversation at the NFL Combine included the Arizona Cardinals’ Kyler Murray, Atlanta’s Kirk Cousins, New Orleans’ Derek Carr, and Indianapolis’ Anthony Richardson, among others.

Here’s a breakdown of those options with free agency looming in a couple of weeks:

Kyler Murray

If the Cardinals are unable to move Murray, they could be forced to release him. That would make him an option for the Vikings.

Why it makes sense: The theoretical ceiling is higher with Murray than with anybody else. He already has been a top 10 quarterback in his career, and if he can reach that level again, the sky could be the limit for the Vikings. He has a unique skillset with his ability to impact the game with his arm and his legs. He probably represents the biggest swing that could be available on the open market.

Why it doesn’t make sense: It can’t be overlooked that Murray recently got benched because of his erratic play. He has existed as a bit of an enigma both on and off the field. He can be marvelous and maddening. Sometimes in the same series. The inconsistency could be enough to make the Vikings look elsewhere given the fact that they seem to be looking for stability more than anything else.

Kirk Cousins

It has been confirmed that the Falcons plan to release Cousins ahead of free agency. The history with the Vikings could make it a good fit, assuming there’s mutual interest.

FILE – Atlanta Falcons quarterback Kirk Cousins (18) walks off the field after an NFL football game against the New Orleans Saints, Sunday, Jan. 4, 2026, in Atlanta. (AP Photo/Danny Karnik, File)

Why it makes sense: There’s no doubt Cousins could do the job. Not only has he starred for the Vikings in the past, he also proved capable of moving the chains for the Falcons down the stretch. He would bring a professionalism to the position along with the ability to rip the ball over the middle of the field. Neither should be taken for granted given how everything has gone for the Vikings as of late.

Why it doesn’t make sense: Let’s just say running it back with Cousins wouldn’t be the most inspiring decision by any means. It would feel like going back in time with hopes of finding something comfortable. That’s rarely a recipe for success. Would an aging 38-year-old really make the Vikings a Super Bowl contender? Not a chance.

Derek Carr

Though the Saints technically still have his rights, Carr would only come out of retirement to play for a Super Bowl contender. His name has already been connected to the Vikings by a number of people.

Derek Carr #4 of the New Orleans Saints in action against the Carolina Panthers at Caesars Superdome on Sept. 08, 2024 in New Orleans, Louisiana. (Photo by Chris Graythen/Getty Images)

Why it makes sense: Maybe all the time off has helped Carr feel like himself again. After opting for retirement largely due to a lingering shoulder injury, he’s now healthy enough to flirt with the idea of returning. He was a prolific passer at the peak of his powers and could help the Vikings, assuming he’s given enough time to throw. There might be enough gas left in the tank to make his move worth it.

Why it doesn’t make sense: There’s no guarantee Carr will be able to regain his old form. He has been away for long enough that it’s possible he might have lost his touch. Is it smart to bet on somebody that hasn’t thrown a pass in the NFL since December 2024? It’s a pretty big gamble for the Vikings to make.

Anthony Richardson

After the Colts decided to bench him, Richardson has been granted permission to seek a trade. It’s no secret the Vikings were interested in him ahead of the 2023 draft. There reportedly is mutual interest.

Quarterback Anthony Richardson #5 of the Indianapolis Colts holds off Isaiah Oliver #23 of the New York Jets as he scrambles during the fourth quarter at MetLife Stadium on Nov. 17, 2024 in East Rutherford, New Jersey. (Photo by Al Bello/Getty Images)

Why it makes sense: The intrigue of making Richardson the next reclamation project is understandable. He has all the tools needed to be a dynamic player. He simply has to find a way to apply them consistently. The highs have been high. The lows have been low. If the Vikings could help Richardson find some sort of equilibrium, they could reap the benefits for a very long time. That hypothetical is enough to at least kick the tires.

Why it doesn’t make sense: It doesn’t make sense to commit too many resources to Richardson at this point. Especially when the Vikings already have a project on their hands. It’s hard to justify this being an upgrade considering there isn’t much of a difference between Richardson and McCarthy right now. This type of move would require the Vikings to still invest in another veteran QB.

Related Articles

How did the Vikings grade out in the annual NFLPA report cards?

Here’s how the Vikings can create more than $40 million in cap space

Who’s calling the shots for the Vikings in the short term?

Do the Vikings still believe J.J. McCarthy can be a franchise quarterback?

Vikings receiver Rondale Moore dies at 25

On the morning U.S. forces launched strikes inside Iran alongside Israel, it’s believed that up to 200 Minnesota airmen and soldiers are deployed to the broader Middle East region.

The United States and Israel carried out a large-scale strike on Iran early Saturday. In response, President Donald Trump urged Iranians to “seize control of your destiny” and rise up against the Islamic regime that has governed the country since 1979. Iran answered with missile and drone attacks targeting Israel and U.S. military bases across the region.

According to a report by WCCO-TV last week, more than 200 Minnesota National Guard members are deployed in the U.S. Central Command Area of Responsibility.

The command area spans 21 countries that include the Middle East, Central Asia, South Asia and Northeast Africa.

WCCO said Minnesotans deployed to the command area include members of Duluth’s 148th Fighter Wing, the Marshall-based 1-151 Artillery and the Stillwater-based 34th Military Police Company.

Although specific missions and locations are not public, WCCO said Duluth citizen soldiers are “in the region to protect American airpower, defend regional allies and support coalition forces, and is focused on preserving peace and security throughout the region.”

The Stillwater group was deployed to the Middle East in January, WCCO said, noting the unit will “support customs operations across the region as part of Operation Spartan Shield.”

The Marshall group will “provide timely and accurate artillery fires in support of ground units operating in the U.S. Central Command area,” according to the WCCO report, which noted that the deployments were regularly scheduled ones but “they know that at any time, they could be called into action.”

Related Articles

AP reporter speaks to Iranian doctors who say agents intimidated them and obstructed medical care

UN nuclear watchdog says it’s unable to verify whether Iran has suspended all uranium enrichment

Trump says he is ‘not happy’ with the Iran nuclear talks but indicates he’ll give them more time

Other voices: War with Iran is in no one’s best interest

Soaring cost of food and other staples squeezes Iranians as threat of US attack looms

 

It’s finally boys state hockey tournament week, made official by the release of the brackets in both classes Saturday.

Moorhead is a serious threat to repeat in Class 2A. The Spuds are the No. 2 seed in this week’s tournament.

There will be a new champion in Class A, as 2025 champ East Grand Forks didn’t advance past section play.

The winners’ brackets for both tournaments will be played at Grand Casino Arena. All winners’ bracket games for both classes will be televised on KSTC Ch. 45, and also can be viewed online for free at 45tv.com.

If you want to see how these 16 teams earned their way to St. Paul, check out the complete section tournament brackets here.

The complete brackets for each class are listed below, and can also be viewed on the MSHSL website. Brackets will be updated here throughout the tournament, with a link attaching the box score to each final score.

Class 2A

Thursday’s quarterfinals

No. 1 Minnetonka vs. Gentry Academy, 11 a.m.

No. 4 Rosemount vs. No. 5 Grand Rapids, 1 p.m.

No. 2 Moorhead vs. No. 7 Lakeville South, 6 p.m.

No. 3 Edina vs. No. 6 Andover, 8 p.m.

Friday’s semifinals

Thursday’s afternoon quarterfinal winners, 6 p.m.

Thursday’s evening quarterfinal winners, 8 p.m.

Saturday’s final

Friday’s evening semifinal winners, 7 p.m.

Class A

Wednesday’s quarterfinals

No. 1 Hibbing/Chisholm vs. Dodge County, 11 a.m.

No. 4 Mahtomedi vs. No. 5 St. Cloud Cathedral, 1 p.m.

No. 2 Delano vs. No. 7 Mankato West, 6 p.m.

No. 3 Warroad vs. No. 6 Northern Lakes, 8 p.m.

Friday’s semifinals

Wednesday’s afternoon quarterfinal winners, 11 a.m.

Wednesday’s evening quarterfinal winners, 1 p.m.

Saturday’s final

Friday’s afternoon semifinal winners, Noon