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?

Subscribe to One for the Money on your favorite podcast platform.

Ready to plan your ideal retirement? Schedule a free consultation with our team.

• https://BetterPlanningBetterLife.com 
• Connect with Jonny on LinkedIn

🎯 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!