Summary
Did you know that falling for common Social Security myths could jeopardize your retirement?
Whether it’s concerns about Social Security running out or relying too heavily on it to cover all your needs, these misconceptions could lead to costly mistakes.
This week on Clarity and Confidence for Life®, Tom Fleishel breaks down the truth behind these myths, from the reality of future benefits to the best time to file. Plus, he shares actionable strategies to help you ensure that your retirement plan is personalized and designed for the long run.
Don’t let myths stand in the way of your financial future—take control of your retirement today.
Tom discusses:
- Myth: Social Security is running out
While future reductions in benefits may occur, Social Security isn’t going away. Tom explains how it will likely continue paying 75%-80% of promised benefits, offering some level of financial support - Myth: Social Security is all you need for retirement
Many people mistakenly believe Social Security alone will cover their retirement needs. Tom highlights the importance of personal savings as a critical supplement, as Social Security was designed to be a supplemental income—not a complete solution - Myth: Filing early is the best way to maximize benefits
Filing early could reduce your benefits over time. Tom discusses why delaying your claim, especially if you have a longer life expectancy, could lead to significantly higher payouts - Myth: Working after filing will permanently reduce your benefits
While working before reaching full retirement age may result in temporary reductions, Tom explains that these reductions are often made up for later. Additionally, working beyond full retirement could boost your overall benefits - And much more!
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