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Money Guy Show

4 Ways to Avoid Losing Social Security Benefits!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Business, Investing

4.73.1K Ratings

🗓️ 11 May 2022

⏱️ 28 minutes

🧾️ Download transcript

Summary

71% of Americans fear that Social Security won't be around when they retire. While you can't control the future of Social Security, there are a few things you can do to avoid losing Social Security benefits in the future. In this Q&A, we'll discuss some of the most common ways Americans lose Social Security and how you can avoid making the same mistakes. Subscribe on YouTube! Download FREE Financial Resources from the show Get our Net Worth Tool Now! Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0

4 ways to avoid losing Social Security benefits.

0:18.5

I'm excited for us to be able to go over this because I feel like you and I have been talking about for the last decade, right?

0:26.3

Social Security is kind of a hot button topic, right? And it's always something that no matter where you are in the financial media,

0:32.2

you can always kind of see something bubbling to the top, people that are concerned about it, people that there's nothing to worry about.

0:38.4

It just seems like something that grabs a lot of financial attention.

0:42.9

So I thought it'd be helpful for us to speak into it a little bit today and maybe share some things that you did not know about Social Security.

0:49.9

Well, I'll take it a step further. Cracked me up when we were creating show notes. We said people in the media and other things call this and I was like,

0:57.2

whatever, I will just go ahead and go on the record and tell you and more to come on this with known personal shares on this.

1:04.3

I think Social Security in a lot of ways resembles a Ponzi scheme.

1:08.3

Oh, why not?

1:09.7

Why not? Because you think about it. How does this whole thing work?

1:13.6

I mean, and then look, if you ever lose anybody prematurely, because this is a forced saving thing, but guess what?

1:20.3

You die prematurely. Good chance. It doesn't turn out great for you.

1:25.6

So anybody who's got longevity issues or your first generation, meaning or nobody in your family is successful.

1:32.5

This thing is forcing you to save, but then there's a good thing. There's no retention.

1:37.7

So I'm just going to go and tell you, I'll start this thing off with a little fire.

1:41.2

I do not love Social Security because once again, I am so much better than the government is at building my wealth and building for and preparing for my family.

1:51.6

I don't like that they force this and I can tell you why I'm the victim of this in the long term.

1:56.3

I will agree with you, Brian. If you pass away prematurely, it likely does not work out well for you.

2:01.6

Well, I'm talking about for your ears. For your ears.

2:04.4

Believe me, this anger doesn't come from an irrational place.

2:09.1

I will explain later more to come.

...

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