Quick Preview:
Social Security isn’t a topic that clients are well-versed in when we first meet them, but it’s a critical component to the income planning portion of your retirement. Many factors weigh into the claiming strategy and we want to clear up many of the common misbeliefs that are out there.
On This Episode:
If you’re still a ways out from retirement, there’s a good chance you haven’t spent much time looking through Social Security. You also likely haven’t began thinking through your options and how your claiming strategy will have an impact on retirement.
That’s true of many of the clients that first come into our office. Daniel Mann, one of our partners, works with people on the Social Security of their portion so we’ve asked him to join the podcast today to talk about the myths that are commonly associated with the benefit.
It might not seem like a huge decision at first, but a mistake could cost you tens of thousands of dollars over the life of the benefit. We’ve seen it happen with a client that got bad advice from someone in the Social Security Administration and it’s tough to see because you spend your entire working career to earn this money.
The goal of this show is to provide you with information to get a better understanding of the program and we’ll do that by busting these five Social Security myths:
- The SSA is going to help you make the best decision to when to start your benefit.
- You won’t get any Social Security if you were a stay-at-home mom.
- You won’t pay taxes on your SS since you already paid taxes on that money when you paid into the system.
- Myth: There won’t be any Social Security left when you retire.
- Myth: Claim your Social Security benefit as soon as you’re eligible.
If you have any additional questions about Social Security after the episode is over, please reach out to our office and we’ll set up some time to dive into it.
It can be very complicated. There are a lot of different ways to turn on and off your Social Security, especially if you’re married.
Timestamps:
0:47 – Why we’re talking about this topic today.
1:30 – How much do clients typically know about Social Security?
2:01 – Myth: The SSA is going to help you make the best decision to when to start your benefit.
5:36 – Myth: You won’t get any Social Security if you were a stay-at-home mom.
7:29 – Myth: You won’t pay taxes on your SS since you already paid taxes on that money when you paid into the system.
9:40 – You can be proactive to lower your tax obligations.
11:15 – Myth: There won’t be any Social Security left when you retire.
12:39 – Myth: Claim your Social Security benefit as soon as you’re eligible.
15:10 – Final thought on this topic.
