Ep 5: Social Security Myths & Misunderstandings

Myths, rumors and misunderstandings are pervasive in the world of Social Security. So what should you believe and what needs to be ignored? On this show, we’ll look to clear up three of the top misunderstandings about Social Security.

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The Game Plan

As you’re planning for retirement, how much are you thinking about Social Security? It isn’t always a priority for people and that can be a mistake.

Sometimes that’s because there’s plenty of misinformation and rumors about the program. On this episode of the Retirement Playbook Podcast, Dale Tondryk will look to clear up three of the top myths we usually hear about and then answer three retirement planning questions from listeners.

Let’s get started.

3 Social Security Myths

Nearly all Americans rely on Social Security in retirement but you’d be surprised at how many misunderstandings are floating around.

We work with clients all the time that might not completely get the system and how each person can individually utilize it. And that’s okay because we enjoy working with people to come up with a strategy that works for them and works within a comprehensive plan. Social Security can be perceived as it’s own category rather than a piece of the complete retirement puzzle so ridding you of these myths will give you a better grasp of that.

Plus, we want to spend some time on what age is best for claiming benefits because there are a lot of different opinions out there. And once you’ve made the decision to claim, should you worry that Social Security is going to run out of money? These things are all a part of our conversation today.

Press Conference Time

During the press conference segment each episode, we give listeners a chance to ask Dale the tough questions…or just whatever’s on their minds. Today we have three questions that cover timely topics as well as general strategy with retirement planning.

The first asks about the changes in tax deductions on charitable donations. The second covers responsible investing from a listener that got a raise (congratulations!) and wants to put that extra money to work. The final question is one we get from a lot of people. How much money do you need to retire? There’s a common belief out there but it’s not always correct. We’ll explain.

Thanks for opening up this week’s playbook. We’ll talk to you again on the next episode. In the meantime, we’d really appreciate it if you hit subscribe wherever you listen to the podcast.

The X’s & O’s

Check out the timestamps below to skip around to specific topics on the show.

[0:50]– First myth: There’s a perfect time to start collecting Social Security.

[2:07]– Second myth: Social Security is going to run out of money.

[3:42] – Third myth: Decisions about Social Security have nothing to do with other financial considerations.

[4:31] – There’s also tax considerations regarding SS.

[5:38]– Question #1: I’ve always donated to several different charities at the end of every year. Since the tax laws changed last year, it seems that it didn’t benefit me from a tax standpoint. Am I missing something?

[6:46]– Question #2: I got a raise recently and I want to make sure I put the extra money to good use. Do you think I should save towards retirement or pay extra on my mortgage?

[7:39] – Question #3: I’m almost 70 and I’m worried I’ll never be able to retire. I’ve always heard you need a million dollars but I only have about half that. Will I have to work forever?

“Social Security is really deeply entwined with other decisions that you make about your retirement planning. When you sit down with us, it’s a very important decision.”

– Dale Tondryk

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Ep 88: The Retirement Lifestyle

We’re taking a quick break from the Xs and Os of retirement finances today. Instead, we’re going to talk about some other important pieces of forming your retirement lifestyle. Join us as we discuss staying busy, the significance of social connections after you’ve stopped working, and maintaining your physical and mental health throughout retirement.