Ep 16: Top 5 Biggest Social Security Misunderstandings

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Ep 16: Top 5 Biggest Social Security Misunderstandings

The Concept:

There’s plenty of misinformation and rumors in the world of Social Security and that might cause a little anxiety when it comes time to claim your benefit. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.

The Reality of the Matter:

Hard to believe the year is already coming to an end but this is the final episode of 2019 and we’ll use it to clear up misunderstandings about Social Security.

Most of us will rely on the program for income in retirement and that makes it an important piece of our retirement plan. We don’t want you to be confused or misinformed about anything involving Social Security so we’ll identify and clear up the five biggest we see with clients on this episode of the Reality Retirement Podcast.

Recapping 2019 and Looking Ahead to 2020

It’s been another outstanding year at Principal Preservation Services thanks to you and our clients in Minnesota and Wisconsin. We’ve accomplished a lot, including opening a brand new office and launching this podcast, and Mike reflects back on what 2019 has meant to him and the company. He also shares his goals for the new year as we look to keep the momentum going.

1:19 – What goals does Mike have for the company in 2020?

2:22 – Reflecting on 2019

Baggage Handler and Financial Advisor?

Did you see the news about a baggage handler in Nevada that was giving financial advice to more than 900 clients with accounts totaling more than $172 million? It’s true, and the SEC hit him with fraud charges.

3:30 – In the News: A baggage handler at an airport in Nevada was giving financial advice to more than 900 people and even charging them a fee before the SEC charged him with fraud.

Top 5 Social Security Misunderstandings

Let’s move into our main topic and discuss Social Security. As we mentioned, rumors and myths are pervasive in the world of Social Security. We work with clients all the time that either have the wrong information or haven’t thought about the best strategy for claiming their benefits.

Mike will help us identify the top five misunderstandings and get us on the right track. We think you’ll learn a lot on this episode as we dive into these areas:

  • Is Social Security going broke?
  • What age should I file for SS?
  • Will the SSA help me determine the best strategy?
  • Will my Social Security be taxed?

Getting a good grasp on these questions will give you a strong understanding of the program and how to best utilize it for your retirement plans. Working with an advisor can be a huge help as well because there are many considerations to make before you file.

5:36 – Moving into our main topic today on Social Security misunderstandings.  

6:05 – No. 1: Social Security is going broke.

8:09 – No. 2 and 3: Some people say you need to start as early as possible while others say delaying as long as possible is the best strategy.

9:52 – No. 4: The Social Security Administration office will help you determine the best strategy for claiming your benefits.

13:07 – No. 5: Assuming that you don’t have to pay any taxes on your Social Security.  

Getting to Know Mike

Every now and then we change it up and get to know Mike away from the office. We’ve learned a lot about him and the family during the podcast and today we’ll find out what he does to relax after a long week of work.

15:26 – Getting to Know Mike: What do you do to relax after a long day or a long week of work?

Thanks for checking out this episode of the Retirement Reality Podcast. We’ll talk to you again next week.

Related Content:

These Mistakes Could Sabotage Your Retirement

5 Financial Myths That Need to Be Busted

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