The Retirement Playbook with Dale Tondryk

Ep 5: Social Security Myths & Misunderstandings

February 20, 2020

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.

 

Show notes and additional resources: http://retirementplaybookpodcast.com 

 

Today's rundown: 

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?

 

Helpful Info:

Website: https://www.myinvestingcoach.com/

Phone #: 952-401-1671

Email: dale@tondrykfinancial.com