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Big Picture Retirement®

#090: 5 Social Security Mistakes With BIG Consequences

Big Picture Retirement®

Devin Carroll

News, Business News, Investing, Business

4.7546 Ratings

🗓️ 17 September 2018

⏱️ 22 minutes

🧾️ Download transcript

Summary

There are a few areas within Social Security that you could mess up without even meaning to do things wrong.

One of my most trusted mentors has often told me, "Big doors swing on little hinges."

I've found that to be applicable to many things in life and it's certainly true in retirement planning. The small decisions you make, when stretched over long periods, can have big consequences.

Here are the 5 Social Security mistakes that can cost you dearly when you retire.

There's more to learn at http://www.bigpictureretirement.net/090

Transcript

Click on a timestamp to play from that location

0:00.0

The Big Picture Retirement Show does not provide specific tax, legal, or financial advice.

0:05.1

Listeners are encouraged to seek out their own advisors in these areas.

0:12.8

Hey everyone and welcome to the Big Picture Retirement Show.

0:16.0

This is the podcast for anyone who is planning for or living in retirement.

0:23.0

I'm your host, Devin Carroll, along with the co-host John Ross. Hey, John. Howdy.

0:30.9

So, John, there's some retirement mistakes that you can make that's fairly easy to overcome.

0:39.7

The consequences aren't too big, right?

0:41.7

You make a side step here or missed up there.

0:44.3

You can overcome that pretty easily.

0:46.6

Sure.

0:46.8

But then there's some mistakes that can have much larger consequences and really be a detriment.

0:53.7

And some of these you don't even feel

0:55.2

until you're 15, 20 years down the road. So I want to go over some of these mistakes today

1:02.2

and especially mistakes within Social Security. Yeah, well, that's kind of your deal. Yeah,

1:08.3

that's what I like talking about. When we put out a video on this not long ago on my YouTube channel, and it started to collect comments and a lot of activity right up at the front.

1:19.3

And so, anyway, it's a topic that a lot of people want to hear about.

1:22.7

So let's dive right into this and not waste any more time.

1:25.6

So there's a few areas within Social Security

1:28.6

that you can screw up without really meaning to. You know, one of my old mentors used to tell

1:35.3

me big doors swing on little hinges. Social Security is just such little hinge,

1:41.2

but it can have some big implications down the road. The first mistake you can make

1:46.5

is getting overpaid. Now, that doesn't sound like a big mistake, right? You get overpaid. It's not

...

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