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?