Ep 33: Social Security Misunderstandings
RetirementOn This Episode
Today we’re talking about Social Security misunderstandings. People are often confused about how it works and how it will work for them.
Takeaways
On today’s Saving With Silverman podcast, Mark Silverman CFP® explains some common Social Security misunderstandings.
Is Social Security going broke?
We know that the government can and will print money. It doesn't help with inflation and doesn’t make our dollars worth much, but they will do that. Most people don’t have pensions, so the only pension they have is Social Security.
Is taking Social Security early the best choice?
Once you take Social Security, you can’t change it. Each year you defer it, you get 8% guaranteed by the government. Nobody else is guaranteeing that much return.
Is delaying Social Security as long as possible the best choice?
A lot of times it is, but not always. We have software we use to run scenarios of what you would get at different ages. The caveat is life expectancy. If you live past 81 or 82, you’re better off taking it at 70.
Can the Social Security Administration help me choose the best strategy?
That’s not the case. They are not trained to give you advice. They are simply order takers. You don’t want to rely on what they tell you.
Listen to the entire episode to hear more. Click on the timestamps below to skip to a particular segment.
[The Social Security Administration is] not trained to give you advice. They are simply order takers. You don’t want to rely on what they tell you.
- Mark Silverman, CFP®
The Layout
Let’s get rolling with the first episode and you can use the timestamps below to skip around to specific topics.
0:47 – Going broke
2:12 – Starting Social Security early
2:59 – Delaying Social Security
4:16 – Social Security Administration
4:52 – You don’t have to pay taxes
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