On this episode
Have you ever wondered if the Social Security system will run out of money before you retire? Or if claiming benefits as soon as you’re eligible is the best decision for your financial future?
These type of questions get asked a lot when it comes to income planning and rightfully so. There’s plenty of misinformation and incorrect assumptions when it comes to Social Security, and this is huge piece of the income puzzle for many people in retirement so you want to make sure you get it right.
In this episode, we’ll be debunking common myths about Social Security and answering the questions you’ve been curious about. Since we have a list of 10 to breakdown, we’ll divide it up into two episodes so make sure you check out both.
Here are the myths we’ll discuss today:
- The Social Security Administration will help you make the best decision about when to start your benefit. (2:17)
- You won’t get any Social Security if you’re a stay-at-home parent. (4:26)
- You won’t pay taxes on Social Security. (6:09)
- Social Security will run out of money by the time you retire. (8:03)
- You should claim Social Security as soon as you’re eligible. (10:56)