What are common things that most people don’t know about social security?

Are you lying awake at night, worried that Social Security won't be enough to cover your retirement? You're not alone; many Christians share this concern about their financial future. Ralph dives into nine critical insights about Social Security that financial advisors often overlook, helping to demystify this important topic. By understanding these key elements, listeners can make informed decisions and potentially secure a more stable financial future. From the importance of full retirement age to spousal benefits and the impact of taxes, Ralph guides you through essential strategies that could lead to significant lifetime benefits. Tune in as he shares real-life stories and practical advice, ensuring you're equipped to navigate your retirement planning with confidence and peace of mind—because there’s so much you need to know about Social Security.

https://www.askralphpodcast.com/know-about-social-security/

Podcast Timestamps:

00:00 Episode Overview

01:22 Listener’s Question: How Does Social Security Impact Retirement?

02:08 Bible Verse: Proverbs 21:20

03:15 9 Crucial Elements Of Social Security That Many People Are Not Aware Of

03:23 Full Retirement Age Surprise

04:18 The Spousal Benefit Secret

04:58 The Working Penalty

06:17 The Tax Trap

07:05 The Survivor Benefit

08:08 The Do-Over Rule

09:10 The Divorce Benefit

09:54 The COLA Mystery

10:55 The Earnings Record

11:54 Action Steps

13:37 Medicaid Estate Recovery: What You Should Know

17:59 Conclusion and Call to Action

Takeaways:

• Understanding your full retirement age can significantly impact your Social Security benefits.
• Many people are unaware that spousal benefits can provide additional income during retirement.
• Working while receiving Social Security before full retirement age can lead to penalties and income loss.
• It's crucial to verify your earnings record with the Social Security Administration to avoid surprises.
• Social Security benefits can be taxed, affecting your overall retirement income strategy.
• Planning ahead for long-term care and Medicaid estate recovery is essential to protect your assets.

Links referenced in this episode:

• Ask Ralph Insiders Community https://mailchi.mp/askralph.com/group
• Ask Ralph Show Live https://askralphpodcast.com/live
• What is your question that you would like to ask Ralph? Send Your Question here: https://justaskralph.com/
• Join our email list and get a free copy of “Mastering Your Finances” at https://askralph.com/
• Social Security https://ssa.gov/

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