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Created: January 10, 2020
Modified: June 6, 2023

Breaking Down Social Security Myths

What You’ll Learn:
Social Security is an important piece to retirement planning for most people, but they often make their decisions based on myths that are floating around. Today we’ll break down some of the common misunderstandings before playing a game of ‘Agree or Disagree.’

There are many myths, rumors, and misunderstandings passed around as truths in the world of Social Security and that’s a scary thought. Many people base their planning strategy around these myths and that can be a major problem.

On this episode of Money Wisdom, Joel Johnson will clear up these Social Security misunderstandings and explain the considerations you should be making with your plan. Plus, we’ll also play a game of ‘Agree or Disagree’ with some common financial statements and get Joel’s opinion on each one.

Answering Listener Question

We begin the show by opening up the mailbag and taking four great questions this episode. The first one is a common topic brought up by clients and that’s how much retirement income you’ll need. Many times, you won’t truly know until that first year of retirement, but we’ll talk about the way we help you plan for income needs.

Two of the questions deal with investing. Should you consider purchasing gold? Well, it’s not something that Joel has ever done if that helps answer the question, but he’ll explain why that’s the case for his retirement plan. And what about the trying to time the market? Gains have been tremendous, and you want to capture them before the next downturn, but is it ever possible to know the exact right time?

We answer those plus one on interest rates in this edition of the mailbag.

[2:05] – Mailbag Question: What percentage of my current income should I plan on needing when I retire next year?

[3:51] – Mailbag Question: I hear a lot of buy gold commercials on the radio. I’m sure you probably have an opinion. What’s your take on investing in gold or other precious metals?

[5:34] – Mailbag Question: Is it good or bad if interest rates finally start going up?

[7:02] – Mailbag Question: For the last two years, I’ve been telling myself that it’s time to get off the investment roller coaster and lock in my gains. But every time I want to do it, the market has another great day. How do I know when I should make a change?

Social Security Myths

Many of us are going to rely heavily on Social Security as a primary source of income in retirement so it’s important that we don’t make any mistakes with it. That might seem like a straightforward process, but there are actually plenty of things to consider when it comes time to claim your benefits.

That’s why we want to make sure that you aren’t misled by some of the myths that are out there. Let’s clear them up and make sure you take full advantage of the Social Security benefits you’ve earned.

[8:38] – Let’s break down some of the myths on Social Security. The first is that there’s a perfect time to take Social Security, but that’s not the case.

[10:12] – The next myth is that you make the Social Security decision on its own without considering all the financial aspects of your life.

Agree or Disagree?

When it comes to some of the most common financial beliefs, does Joel agree or disagree? That’s the game we’re playing on today’s show as we pose four planning strategies that many people would take as truth. Should they though? We’ll find out from Joel as he gives his insight into each of these.

[12:28] – Agree or Disagree: You should always pay off your house as soon as you can.  

[14:48] – Agree or Disagree: Individual bonds are better than bond funds.

[16:17] – Three ways for the individual investor to get shellacked in the market. 

[16:40] – Agree or Disagree: Nobody needs life insurance once they retire.

[17:35] – Agree or Disagree: It’s better to have a fee-based advisor than a commission-based broker.

Thanks for checking out our latest episode of the Money Wisdom podcast. Please subscribe when you have a minute. We’ll talk to you again soon!

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