Welcome to GrownFolksBizness. Today we're talking about money. And I know that's a topic that makes some people uncomfortable — in our community especially, we weren't always taught to talk openly about finances. But we're going to change that today.

Because the stakes are too high not to. We're at a stage of life where the decisions we make about money — Social Security, retirement accounts, estate planning — have real consequences. And a lot of people are making those decisions without good information.

Let's start with Social Security, because I get questions about this all the time. When should you claim? What's the strategy?

The short answer is: it depends on your health, your other income, and your life expectancy. You can claim as early as 62, but your benefit is permanently reduced. If you wait until 70, your benefit is significantly higher. For every year you delay past full retirement age, your benefit grows by about 8 percent.

So if you're healthy and have other income to live on, waiting can make a big difference over your lifetime. But if you have health issues or need the money now, claiming earlier might make more sense.

Exactly. There's no one-size-fits-all answer. What I always say is — don't make this decision alone. Talk to a financial advisor who specializes in retirement. Many offer free initial consultations.

Now let's talk about something that doesn't get enough attention — financial scams. Because older adults are disproportionately targeted, and the losses can be devastating.

The most common ones right now: grandparent scams — someone calls pretending to be your grandchild in trouble and needing money urgently. IRS impersonation — threatening arrest if you don't pay immediately. Romance scams — building a relationship online and then asking for money. And investment scams promising guaranteed high returns.

The common thread in all of them is urgency and secrecy. They want you to act fast and not tell anyone. That's your signal to stop. Hang up. Call a family member. Call the actual organization using a number you look up yourself.

And if it happens to you — report it. To the FTC, to your state attorney general, to your bank. There's no shame in being targeted. These are sophisticated operations. The shame belongs to the criminals, not the victims.

Let's talk about estate planning, because this is something a lot of people put off. What are the basics that everyone needs to have in place?

At minimum: a will, a durable power of attorney, and a healthcare proxy or advance directive. The will says where your assets go. The power of attorney says who can make financial decisions if you can't. The healthcare proxy says who can make medical decisions and what your wishes are.

And these documents need to be updated. If you made a will twenty years ago and your circumstances have changed — divorce, death of a beneficiary, new grandchildren — it needs to be revisited.

The best time to get your financial house in order was twenty years ago. The second best time is right now. Don't wait for a crisis to force the conversation.

Amen. Alright, grown folks — one action item this week: find out exactly what your Social Security benefit would be at different claiming ages. You can do that at ssa.gov. Just knowing that number is a powerful starting point. Until next week, take care of yourselves and your finances.

Your future self will thank you. See you next time.