Shownotes
Episode 96 — Debunking Social Security Myths (Part 2)
Episode Summary
In this second installment of our two-part Social Security series, we continue busting the most common — and costly — myths surrounding Social Security.
From the misconception that Social Security alone can fund a comfortable retirement, to the idea that everyone automatically qualifies for benefits, these misunderstandings can lead to financial shortfalls that are hard to recover from.
We’ll unpack the math, explore real-life examples, and explain why personalized retirement planning is essential. We’ll also share a valuable strategy for those claiming spousal benefits — and how to avoid leaving money on the table.
Remember: Social Security is important, but it’s just one part of your retirement plan.
What You'll Learn in This Episode:
- Why contributing to Social Security isn’t the same as saving for retirement
- How much income Social Security really replaces — and for whom
- The truth about who qualifies for benefits (and who doesn't)
- Why some retirees are shocked by how little they receive
- How Australia’s retirement system compares to Social Security
- When (and when not) to claim spousal Social Security benefits
Key Takeaways:
- Social Security is not a retirement plan. It's a supplement — not a substitute — for personal savings like IRAs or 401(k)s.
- Claiming early reduces benefits, and delaying only helps if it’s your own benefit — not a spousal one.
- Spousal benefits cap out at 50% of your spouse’s full benefit and do not increase after your FRA.
- Only those who’ve paid into the system for 10+ years qualify — and even then, benefits are based on your 35 highest-earning years.
- Under-the-table wages hurt your future benefits. Report income accurately to protect your retirement.
- A holistic retirement strategy — including taxes, income sources, longevity, and goals — leads to better outcomes.
Referenced Resources:
- Listen to Episode 95 – Debunking Social Security Myths (Part 1)
- Social Security Administration Benefit Calculator: ssa.gov
- AARP: Understanding Social Security’s Progressive Benefit Formula
Want More?
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Ready to plan your ideal retirement? Schedule a free consultation with our team.
🎯 Closing Reminder
Social Security decisions are too important to leave to guesswork or general advice. Get the facts, make a plan, and as always — remember:
A better life begins with better planning.
Thanks for listening to One for the Money!
