344: Rethink Social Security: Myths, Benefits, and Clearing Up Misconceptions
BiggerPockets Money Podcast
BiggerPockets
4.6 • 2.9K Ratings
🗓️ 14 October 2022
⏱️ 54 minutes
🧾️ Download transcript
Summary
Everything you’ve been hearing about social security is a lie. For years, mainstream media and many financial figureheads have said that social security is on a fast track to bankruptcy, with no money left over for Americans when they grow old. But what if we told you that wasn’t true? What if you knew that social security would be there for you when you retire, even if you’ve just started working? Today’s guest, national social security advisor and expert Jeremy Keil, explains the basics of social security and teaches you how to maximize your benefits.
One of the biggest misconceptions about social security is that you have no control over it. The truth is, you control your social security more than the government does. How long you work, when you file, and how you educate yourself are all in your control. While these things may seem insignificant, they could all affect your social security by thousands. If you play your cards right, social security could be the biggest asset of your life.
Jeremy makes a strong argument that social security is the cheapest insurance you might get. In fact, it’s too good of a deal. The original purpose of social security was to help impoverished elderly Americans, so people with a lower income get more from social security. But, that doesn’t mean you’ll be stuck with pennies if you have a higher income. Social security is the “deal of a lifetime” since it lasts your lifetime, grows with inflation, and has no commissions. Can you think of a better investment than that?
In This Episode We Cover
Social security misconceptions and the truth about social security and whether or not it’s going bankrupt
The history of social security and its original purpose for Americans
How social security gets calculated and how the number of years you work can significantly affect your monthly social security payment
How and when to file social security to maximize your retirement savings
Survivors benefits, joint life expectancy, and how to file social security as a couple
The break-even point and how to get “the eight percent guarantee”
And So Much More!
Links from the Show
BiggerPockets Money Facebook Group
Finance Review Guest Onboarding
Listen to All Your Favorite BiggerPockets Podcasts in One Place
Apply to Be a Guest on The Money Show
Subscribe to The “On The Market” YouTube Channel
Listen to The “On The Market” Podcast: Spotify, Apple Podcasts, BiggerPockets
Check Out Mindy’s 2022 Live Spending Tracker and Budget
Click here to check the full show notes: https://www.biggerpockets.com/blog/money-344
Interested in learning more about today's sponsors or becoming a BiggerPockets partner yourself? Check out our sponsor page!
See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.
Transcript
Click on a timestamp to play from that location
| 0:00.0 | Welcome to the Bigger Pockets Money Podcast, where we interview Jeremy Kyle and talk about social security. |
| 0:06.7 | The more you make, the more you need to rely on yourself in your own savings. |
| 0:12.5 | Because social security is one of the best progressive people might like or not like that we're progressive, |
| 0:18.5 | but that's what it is. It's a progressive system where the people with lower income amount |
| 0:24.6 | get a higher payout coming to them and then people with a higher income amount get a lower payout |
| 0:30.0 | from Social Security, which means you are more responsible for your own retirement, |
| 0:35.5 | the more money that you make. Hello, hello, hello, my name is Mindy Denson, |
| 0:38.5 | and joining me today as co-host is Emily Guide Burkin, Social Security expert, author of |
| 0:45.5 | Making Social Security Work for You, and Retirement Expert in General. Emily and I are here to |
| 0:51.6 | make financial independence less scary, less just for somebody else to introduce you to every money |
| 0:57.1 | story because we truly believe financial freedom is attainable for everyone, no matter when or where |
| 1:02.2 | you're starting. Whether you want to retire early and travel the world, go on to make big time |
| 1:07.2 | investments in assets like real estate or start your own business, we'll help you reach your |
| 1:11.6 | financial goals and get money out of the way so you can launch yourself towards your dreams. |
| 1:16.3 | Okay, before we get to the show, let's hear a word from today's show sponsors. |
| 1:19.2 | Today, I'm joined by Emily and Jeremy, and we are going to talk about Social Security, |
| 1:25.2 | but don't worry, it's not boring. I promise you I am going to, we are going to blow out all |
| 1:32.6 | of your misconceptions about Social Security because spoiler alert, it is still going to be around |
| 1:37.4 | when you retire. Yes, even you millennials, it's still going to be around when you retire. |
| 1:42.6 | Jeremy Kyle is our guest today. Jeremy is a national Social Security advisor, a retirement focused |
| 1:49.6 | financial planner, and the host of Retirement Revealed podcast. Jeremy, welcome to the bigger |
| 1:55.2 | podcast money podcast. Thanks for having me here, Mindy. We haven't spoken about Social Security |
... |
Please login to see the full transcript.
Disclaimer: The podcast and artwork embedded on this page are from BiggerPockets, and are the property of its owner and not affiliated with or endorsed by Tapesearch.
Generated transcripts are the property of BiggerPockets and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.
Copyright © Tapesearch 2025.