Social Security Fact or Fiction

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Show Notes

Navigating Social Security can feel confusing. With a sea of information out there it’s hard to discern what’s fact and fiction. In this episode, Scott addresses five common statements about Social Security and breaks down whether they’re true or false.

But before we dive in, Scott shares an interesting article about retirement expenses for the average 65-year-old retiree. While you shouldn’t take these statistics and apply them to your specific situation, it is interesting to see how many retirees are spending more in their go-go years than in their slow-go years. Tune in for a great conversation on the power of front-loading your plan, understanding your expenses, and making informed decisions regarding Social Security.

Here’s some of what we discuss in this episode:

0:00 – Intro

1:04 – Average retirement spending for 65-year-old

7:47 – Social Security taxes

13:39 – Taking Social Security when you retire

18:05 – Keeping all Social Security benefits when a spouse passes

20:30 – Penalties for working and taking Social Security

24:29– Collecting Social Security at 70 vs 62

 

Resources for this episode:

Article – Retirement Planning:  How Much the Average 65-year-old Retiree Spends Monthly

https://www.nasdaq.com/articles/retirement-planning%3A-how-much-the-average-65-year-old-retiree-spends-monthly

 

Thanks for checking out this episode of the podcast. If you’d like to learn more about financial and retirement planning, check out our YouTube channel here. 

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