Encore: 6 Social Security Mistakes That Can Damage Your Retirement
Big Picture Retirement®
Devin Carroll
4.7 • 546 Ratings
🗓️ 18 December 2023
⏱️ 51 minutes
🧾️ Download transcript
Summary
In today's encore episode, we're talking about how to avoid the six most common Social Security mistakes. Some of these mistakes can be easily corrected. However, others can result in long-term or even permanent damage.
In today's episode, John and I talk about:
- 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 | Hey everyone, welcome to the big picture retirement show. I'm your host, Devin, and today we're |
| 0:04.3 | bringing you the second most downloaded episode that we've ever produced. This is the six |
| 0:11.4 | Social Security mistakes that can damage your retirement. Now, in the last few weeks, we've been |
| 0:16.7 | playing encore episodes to get people caught up to where we are because we've had so many people |
| 0:21.4 | subscribed to the podcast over the last year. And this gives John and I an opportunity to work |
| 0:26.8 | on some fantastic new topics for 2024. And we are now in the process of producing those and getting |
| 0:33.6 | those ready to hit the airwaves early in January and can't wait to release those. |
| 0:40.5 | But today is going to be a replay of an episode that came out all the way back in August of |
| 0:46.4 | 2022 where we talked about some of the mistakes that can be easily corrected, but how some of these Social Security mistakes can |
| 0:56.6 | cause some long-term or even permanent damage. |
| 1:01.3 | We talked about some small missteps that cause overpayment notices, miscalculating |
| 1:06.6 | spousalal or survivor benefits, and then avoiding some earnings record errors that are really easy |
| 1:13.0 | to miss here. We talked about the Social Security tax torpedo, and we also talk about relying |
| 1:19.0 | on the Social Security Administration for advice. Do that at your own peril. And then last, |
| 1:23.6 | we talk about using software to make decisions. This has been a fantastic episode that a lot of people have gotten a lot of value from, and I hope you do too. |
| 1:34.4 | And before we get there, if you haven't already rated and reviewed the podcast, we do love to see those five-star reviews. |
| 1:41.8 | And they help us tremendously. they not only give us the ideas |
| 1:46.1 | that people are engaging with the show and like the content that we're creating but it also tells |
| 1:51.0 | the podcast powers that we're creating good helpful content and thus they tend to share it with |
| 1:56.8 | others more and that allows us to help more and more people have a confident retirement. |
| 2:02.2 | So if you haven't done that yet, take just a second, please. |
| 2:05.1 | Give us a five-star rating and review. |
... |
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