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Listen to Johnson Brunetti's Money Wisdom with Joel Johnson CFP®, host of Better Money Television program and Forbes Contributor. Gain true financial wisdom and advice aimed at educating you about all of your financial options when it comes to retirement so you can make the best decisions for you and your family. Get information and education that can bring you peace of mind with your savings and retirement. Whether it’s your 401k account, IRA, or an underperforming asset, Joel Johnson can answer your questions and make you more aware of issues that may affect you.

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Jul 14, 2017

 

The biggest myths and assumptions people make around social security.

Main Questions Asked:

What are some of the myths around social security?

Key Lessons Learned:

Social Security

  • The first myth is that you will get out what you paid into the system. This may be completely untrue depending on your situation.
  • 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 income.

Links To Resources Mentioned

Money Map Retirement Review 1-800-705-1232

ssa.gov/myaccount

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