6 Social Security Mistakes That Can Damage Your Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 29 August 2022
⏱️ 49 minutes
🧾️ Download transcript
Summary
There are some mistakes that can be easily corrected. However, others can result in long-term or even permanent damage.
It is possible, however, to avoid these mistakes if you are aware of what to look for.
In today's episode, John and I talk about these six common mistakes that have big consequences:
- Small missteps that cause overpayment notices
- Miscalculating spousal and survivor benefits
- Avoidable earning's record errors
- The Social Security tax bomb
- Relying on the SSA for your advice
- Using software to make decisions
Although this show does not provide specific tax, legal, or financial advice, you can engage Devin or John through their individual firms.
Contact Devin's team at https://www.carrolladvisory.com/
Contact John's team at https://www.rossandshoalmire.com/
Transcript
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| 0:00.0 | The Big Picture Retirement Show does not provide tax, legal, or financial advice. Listeners are encouraged to seek out their own advisors in these areas. |
| 0:10.8 | Hey, everyone, welcome to The Big Picture Retirement Show. I'm your host, Devin, joined today by John Ross. Hey, John. |
| 0:17.0 | Howdy. So, John, you know, you know that I'm a private pilot. |
| 0:21.2 | I do. |
| 0:40.7 | Although you've never been up in the air with me. Also true. And we're going to work on that. We're going to get you up in the air. Because I think you'd like it. I think you would enjoy the freedom of being up there, hopefully not too close to the birds, but just flying above the earth, looking at it from on high. I probably, I mean, honestly, it does hold a bit of a lure. |
| 0:41.3 | I can see. I probably, I mean, honestly, it does hold a bit of a lure. I can say that. I mean, when you're in a big jet, you're 30,000 feet, but when you're flying in one of these smaller planes, you're at 5,000, 6,000, 7,000 feet. So you can see a lot more. It went to Scottsdale's for a family the vacation several years back. And as a, as a family, me and the |
| 0:55.4 | wife and the four kids, we, uh, uh, we took a balloon ride. Oh, yeah, one of hot air balloons. Yeah. Um, and, |
| 1:02.1 | and, and, and while it is a little, you know, it's a little, uh, gut twisting as that things |
| 1:06.9 | rising and rising and, and, and, you know, nothing nothing but a a big empty bag over your head |
| 1:12.9 | holding you aloft um but it was it was quite pleasant uh really really kind of fun now a couple of my |
| 1:20.0 | one or two of my kids not enjoying the heights really um wasted money they they were basically |
| 1:27.0 | huddled in the middle of the basket, you know, waiting for it to... |
| 1:32.4 | So for all they knew, you can still be on the ground. |
| 1:34.1 | Right. But then I have one, my youngest daughter is a bit of a daredevil, and so she's like, you know, hanging off the side. |
| 1:40.6 | I've never been in a hot air balloon. |
| 1:42.6 | It's quite entertaining. I suggest maybe a |
| 1:46.6 | Thanksgiving trip. Y'all, you know, screw the turkey and all of that sort of stuff. Pack up the |
| 1:52.8 | kids, go to someplace like Scottsdale, get you the hot air balloon tour over the beautiful |
| 1:58.1 | mountains and such, right? That would be nice. |
| 2:00.9 | Really cool. |
| 2:01.5 | Well, you know, when you're flying in a plane, especially if you're flying a long distance, |
| 2:07.3 | you've really got to stay on top of your navigation. |
... |
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