Don't let these myths derail your retirement
Myth: The Social Security Administration will tell you what to do.
- Fact: SSA agents will tell you the rules, but that’s not the same as advice. In fact, Social Security agents aren’t allowed to provide guidance of any kind. The best advice
will come from a knowledgeable advisor who’s got your best interest in mind.
Myth: Everyone should take benefits as soon as possible and reinvest them for higher return.
- Fact: Delaying payments can bump up your Social Security payout by 8% per year or 32% over four years.
Myth: Everyone should follow certain Social Security rules of thumb.
- Fact: Each planning scenario is different. Your wants and needs and challenges in retirement are unique, and your Social Security strategy should reflect that.
Myth: 401(k) should be your primary focus when planning for retirement.
- Fact: You’ve been contributing to Social Security since the first day of your first job, which is likely not the case for your 401(k). For most Americans, Social Security is the largest financial decision in retirement planning. Make sure you’ve carefully considered every claiming strategy and determined what best fits your situation.
Myth: Social Security won’t be around for me to collect.
- Fact: If you’re 55 or older, you should be in good shape. Many people have concerns about how long Social Security will exist in its current form, but the program is not going to go broke as quickly as some would have you believe. Ignoring Social Security as part of your retirement strategy could hurt you in the long run.
If you have questions about Social Security, talk to the retirement experts at Emprise Bank. We have a team of skilled professionals to help you navigate the issues of Social Security in the context of your overall retirement strategy.