In this episode of Inside the Plan, Bill Bush and Andy Bush, Advisors at Horizon Financial Group give us more information about social security. They talk about what social security is and what we can do about it.
Show Notes:
- 1:00--- Social Security was taken for people to take at 62 when life expectancy was 58. IT was a source of emergency income.
- 1:52--- Myth: Social security is predicted to be depleted by 2034.
- 2:20--- Legislation needs to be made to correct the shortcomings of Social Security.
- 4:00--- Be sure you know what your full retirement age is.
- 4:40--- You do not have your own social security account. All you are getting is income benefit.
- 5:52--- You can't guarantee what the market will be but you can guarantee you will receive social security.
- 7:00--- If you take social security early while you are still working, the amount you take will be diminished. If you take it at your full retirement age and take social security while working, your amount won´t be reduced..
- 9:00--- You can look online to see what you benefits will be a ssa.gov
3 Key Points:
- Social Security was created many years ago (when life expectancy was 58) to act as an emergency source of money for people.
- Social security could be reduced by 2034 if no legislative action is taken.
- You can look at your benefits and full retirement age at ssa.gov.
Tweetable Quotes:
- “The full retirement age for most people now is 67.” –Bill.
- “You don´t have your own account. You are paying for the generation that is retiring now” –Andy.
- “It is going to pay a benefit.” –Andy.
- “You need to think about how you are going to pay for things in the future.” –Bill.
Resources Mentioned
