Jul 14, 2017
The biggest myths and assumptions people make around social
Main Questions Asked:
What are some of the myths around social security?
Key Lessons Learned:
- The first myth is that you will get out what you paid into the
system. This may be completely untrue depending on your
- The second myth is that the last ten years of your working life
will determine your social security income. It’s actually the
highest 35 years of earnings that determine your income. Having
years where you make 0 income can be very detrimental.
- The third myth is that the Social Security Administration will
give you personalized advice. They are not geared to help you get
the most out of your benefits. You should seek out an expert to
help you figure out the best social security strategy.
- The fourth myth is that you receive the benefits on your social
security statement. The information can be wrong and it doesn’t
cover all the different situations you may find yourself in. You
can almost guarantee that you will get either more or less than the
number on your statement.
- Even if you made a modest income over the course of your
career, you have probably contributed over six figures to your
social security benefit.
- If you’ve married for ten years you can use your ex-spouse’s
benefit into your benefit.
- The sixth myth is that social security will go broke. There is
no money backing the system, it’s an obligation of the government
that will probably be honored for people over the age of 50.
- The seventh myth is that if you don’t take your benefit early
you will miss out on possible income. It’s not always correct to
take it early but the same is true for waiting until you’re 70. You
have to have a plan that integrates all your other investments and
takes into account your unique situation.
- Contacting an expert that can help you plan for retirement and
analyze your best plan of action when it comes to social security
is the most effective way of maximizing your potential retirement
Links To Resources Mentioned
Money Map Retirement Review 1-800-705-1232
Thank you for listening!