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
4.7 • 3.1K Ratings
🗓️ 11 May 2022
⏱️ 28 minutes
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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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