2799: Four Retirement Myths I’m Hearing by Michael Smith of Financial Finesse on Personal Finance Advice

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🗓️ 18 July 2024

⏱️ 10 minutes

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Summary

Discover all of the podcasts in our network, search for specific episodes, get the Optimal Living Daily workbook, and learn more at: OLDPodcast.com. Episode 2799: Michael Smith of FinancialFinesse.com debunks four common myths about retirement, emphasizing the continued relevance of Social Security, the insufficiency of relying solely on Social Security, the manageable cost of medical insurance premiums, and the feasibility of achieving retirement with consistent savings efforts. His insights encourage proactive financial planning to secure a comfortable retirement. Read along with the original article(s) here: https://www.financialfinesse.com/2015/09/18/four-retirement-myths-im-hearing/ Quotes to ponder: "Social Security should still be a piece of your retirement foundation. Don’t discount the importance of Social Security." "Most of us will need a part time job, distributions from our retirement plans or withdrawals from our savings and investment accounts, combined with Social Security, to live the lifestyle that we want." "Retirement is possible for everyone. It just requires some effort." Episode references: Healthcare.gov: https://www.healthcare.gov Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	This is optimal finance daily episode 2799 for retirement myths I'm hearing by Michael
0:07.9	Smith of financial finesse.com and I'm your host and personal finance enthusiasts, Diana Meriam.
0:15.0	Now let's get right to it as we optimize your life.
0:19.0	Four retirement myths I'm hearing by Michael Smith of Financial finesse.com.
0:29.5	Answering calls to our financial helpline, I've heard some myths or assumptions about
0:34.4	retirement and I always enjoy hearing the buzz out there from people contemplating
0:39.1	retirement. My thought is if I'm hearing this from a few people, there are potentially thousands or
0:45.8	millions who have the same thought. So for those who believe some of these things, I'll
0:50.9	share some of the myths or assumptions I've heard recently and then give you my two
0:55.3	sense. Myth number one, Social Security will not be there for me when I retire.
1:02.2	My view is that in some form or fashion, Social Security
1:05.7	should be there if you are 20 years or less away from retirement. There's no
1:10.7	current plan to do away with Social Security.
1:13.5	It would be political suicide for a politician to propose such a thing.
1:18.5	And if there's one thing most politicians care about more than anything else, it's their re-election
1:24.0	campaign. If our national debt continues to climb, 19 trillion and rising, we may
1:30.8	see Congress address Social Security in the future.
1:34.0	The most commonly discussed tweaks to Social Security
1:37.5	are reducing the inflation adjustment,
1:40.0	increasing the full retirement age, means testing or reducing or eliminating benefits for the Donald Trump's and Bill Gates of the world.
1:50.0	For most Americans, Social Security should still be a piece of your retirement foundation.
1:56.0	Don't discount the importance of Social Security.
	...

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