On The Agenda:
Today, we’ll share some of the common myths surrounding Social Security and how to know what’s true.
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Episode Show Notes:
On this episode of How Money Works, Craig and Jennifer Moser explain some of the common myths around Social Security and how to educate yourself on this crucial topic.
Myth #1: The Social Security Administration will help you make the best decision about when you should start your benefit.
Those folks are great, but their job is not to help you make the best decision. Their job is to give you information.
Myth #2: You won’t get any Social Security if you were a stay-at-home mom.
That is false. You can claim off of your spouse or former spouse. There are a lot of nuances.
Myth #3: You won’t pay taxes on your Social Security since you already paid taxes on that money when you paid into the system.
You may not pay taxes on your Social Security, but it’s not because you already paid taxes on that money when you paid into the system. Other income can either make Social Security taxable or it can make it tax free if it was coming from something like a Roth IRA or the cash value of a life insurance.
Listen to the full episode or use the timestamps below to jump to a certain section. Thanks for listening.
Important Points:
0:25 – Mailbag: Sell properties to pay off house?
4:49 – Social Security Administration
5:40 – Stay-at-home moms
6:44 – Taxes
9:04 – Retirement
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