For many high-net-worth retirees, Social Security can feel either uncertain or insignificant compared to other sources of wealth. But misunderstanding the rules or claiming benefits without a considered plan, can have costly consequences. In this episode of I’ve Been Meaning To Do That, host and Truist Wealth Head of Investment Management Oscarlyn Elder invites her colleague Tony Bryan in to talk about Social Security myths and strategies. Bryan is a wealth advisor with extensive knowledge of Social Security, and he shares tips and anecdotes about the effect decisions have on taxes, survivor benefits, and long-term retirement planning.

Also in the discussion:

• Why the belief that Social Security is “going bankrupt” often leads people to claim benefits too early

• How Social Security fits into retirement planning for families with significant wealth

• Situations in which divorced spouses or widows are eligible for benefits they might not expect

• Topics to consider with your tax advisor related to strategies such as Roth conversions

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Have a question for Oscarlyn or her guests? Email [email protected]