Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the most common misunderstandings about Social Security, provide some background on the program, and forecast possible changes that could be coming.
Show Notes and Additional Resources: https://doncashpodcast.com/podcast/common-misunderstandings-when-it-comes-to-social-security/
On This Episode:
0:56 – Happy Thanksgiving!
2:23 – In the News: Social Security announced benefits would increase by 1.6% to cover cost of living. What are some of the common misunderstandings around Social Security?
3:37 – Here are the five most common misconceptions that Don hears.
4:25 – Let’s talk about the idea that Social Security is going broke. It’s been around since the beginning.
8:20 – How Social Security works exactly.
10:54 – Here’s how the ages break down for claiming Social Security.
13:58 – A fact about cost of living increases and how it all began.
14:45 – How we work with clients to determine the best strategies to maximize benefits.
15:31 – Most people do need to pay taxes on their Social Security benefits.
16:02 – How has the current program evolved over the years and is it going broke?
16:56 – 5 ways that Social Security could change to generate more money.
19:35 – Getting to Know Don: Any new renovations going on at your house?
Americans believe it’s important to have a will, but less than half have one. Not only do many Americans lack a basic will, they often lack very important legal documents. On part two of this series, Don will discuss how his family handles these documents and the process of getting his children updated.
Show Notes: https://doncashpodcast.com/podcast/how-legal-documents-impact-your-finances-and-retirement-part-2/
0:36 – Baseball season not going any better for Don than football.
2:05 – What we talked about during part 1 of this series.
2:45 – Don fills us in on how the estate planning is going for his family.
3:24 – Don had to make changes with his children getting older.
4:03 – Typically, the husband will name the wife as the executor of the will.
4:53 – Where do your children’s spouses fit into the plan?
5:33 – Remember that not all of your assets get passed on through the will.
6:25 – Here’s how Don got to thinking about getting his adult children to think about legal documents.
8:50 – How often should people be updating these types of documents.
10:36 – Cash Connection time
10:40 – Mailbag question: I keep hearing that if President Trump is impeached, the stock market will crash. What do you think I should do?
11:57 – Trivia Question: Who are the only two presidents to be impeached?
15:00 – Getting to Know Don: Any television shows that you’re into right now?