Social Security Benefits: What You Need To Know About Maximizing Your Benefits

Money Tree Investing

Money Tree Investing Podcast

Stockmarket, Valuestocks, Investing, Finance, Passiveincome, Wealth, Business, Personalfinance

4.6 • 658 Ratings

🗓️ 22 May 2020

⏱️ 66 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Are you trying to maximize your social security benefits?

Confused by the complexity of when to apply?

Looking for someone to make it easy?

This week we interview a social security expert, Devin Carroll about the best practices, helpful tips and tools you can use to optimize your social security benefits.

For more information, visit the show notes at https://moneytreepodcast.com/297

Transcript

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0:00.0	Welcome to the Money Tree Investing Podcast.
0:04.0	Stock market, wealth, personal finance, value stocks, invest in your life.
0:10.0	Welcome to this week's episode of Money Tree Investing Podcast.
0:14.0	My name is Kirk Chisholm and I'm going to be your host again today.
0:17.0	This topic's been coming up a lot lately in the last few months, but it's the topic of
0:23.1	Social Security. I wanted to bring on the most foremost expert in Social Security that I know,
0:29.4	which is Devin Carroll. So welcome to the show, Devin. Well, thanks for having me. And Social Security
0:34.4	sounds like it's boring to most people when they hear that. They're like, oh, it's a big groaner. But I want to tell you, when you really start paying attention to it,
0:40.7	it's a fascinating program. It's rules that have been written to explain rules upon rules, upon other
0:46.7	rules. And it's so complex. And yet on the surface, it seems so simple. But it's a lot of fun once you dig into it. So I think we're
0:55.0	going to have a good time today. Except for the fun part, that sounds like government in general.
0:58.7	You're absolutely right. So there's a lot of questions that have been posed by our audience.
1:04.0	So let's start with the big, on the big kind of top level here. So security in general,
1:09.5	like how does it work? Yeah. So for every year,
1:12.3	when you are working, there's a certain amount of payroll taxes that are held out of your
1:16.9	salary. If you are an employee with a W-2, you pay half of those. And if you're self-employed,
1:24.2	then you're going to pay the full amount. Now, the amount that goes into Social
1:27.9	Security is 12.4%. So again, if you're an employee, that's 6.2. And if you're self-employed, you get to
1:34.1	pay the whole thing. Congratulations. And then there's also some that comes out of that payroll tax
1:38.6	that goes into Medicare. But for purposes of Social Security, it's 6.2% per side, so 12.4 total of your gross wages
1:48.2	goes into the Social Security system. Now, that money goes into Social Security to pay for
1:53.9	today's retirees. It doesn't go in there into an account necessarily with your name on it,
	...

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