Ep 20: 5 Biggest Social Security Misunderstandings

Myths, rumors, and misunderstandings are pervasive in the world of Social Security. How do you know what to believe and what to ignore? On this show, we’ll clear up the top 5 misunderstandings about Social Security.

 

Show Notes: https://philstaxhacks.com/podcast/ep-20-5-biggest-social-security-misunderstandings/ 

 

Today's Rundown: 

0:52 – Is Phil ready for Christmas?

2:26 – On to our main topic on Social Security Misunderstandings

2:39 – No. 1: Social Security is going broke

6:42 – No. 2 and 3: Starting early is best. Waiting as long as possible is your best strategy.

8:53 – No. 4: The folks at the SSA office can help you choose the best claiming strategy or yourself.

10:42 – No. 5: You don’t have to pay taxes on Social Security.  

12:36 – Mailbag question: I’m selling one of my rental properties soon and don’t have plans to buy another one. What’s the best thing to do with the money from that sale?

14:12 – Mailbag question: My parents bought a whole life insurance policy when she was born and we’ve been paying for it since they passed away. Now she’s about to graduate college. Should we keep paying for this because it’s not cheap?