Financial Choices Matter

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Top 5 Social Security Misunderstandings

Myths, rumors, and misunderstandings are pervasive in the world of Social Security. On this show, we’ll look to clear up the top 5 misunderstandings about Social Security.

Show Notes:

1:33 - Mailbag Question from Randall: "Places to start investing in for retirement."

5:21 - Top 5 Social Security Misunderstandings

5:42 - Misunderstanding #1: Social Security Is Going Broke

6:43 - Misunderstanding #2: You Should Start Social Security As Early As Possible

7:31 - Misunderstanding #3: You Should Start Social Security As Late As Possible

9:25 - Misunderstanding #4: The SSA Can Help You Choose The Best Strategy When You Go And See Them

11:37 - Misunderstanding #5: You Don't Pay Taxes On Social Security Benefits

14:48 - Do You See People Often Overestimating Their Risk Tolerance?

Busting The Biggest Financial Myths

Today’s episode is simple. We’ll look at some of the most widely believed financial myths and try to bust them wide open. The scary thing is that a lot of people base their financial plans on some of these myths.

Show Notes:

2:17 Helping clients understand how their financial jigsaw puzzle fits together

5:58 Myth 1: Shifting from stocks to bonds removes the volatility from your portfolio

7:32 Myth 2: Once you've retired, life insurance is no longer necessary

9:12 Myth 3: You will need less income when you retire than you do when you're working

10: 26 Myth 4: You will probably be in a lower tax bracket when you retire

11:43 Myth 5: Financial planning is much easier to do without professional help because of all of the technology that is now available

13:40 Email Question: Investing in oil wells