Local financial expert discusses common myths about Social Security

 

(CBS 58) – Local financial professional Tony Drake from Drake & Associates joined CBS 58 to talk about common myths when it comes to Social Security.

The myths Drake discussed include:

• Social Security alone will provide me with enough income in retirement
  • Social Security is only designed to replace about 40% of income
• I should claim Social Security at age 62
  • Claiming benefits before full retirement age results in a permanent reduction of as much as 30% of your benefit
• I’m too young to worry about Social Security
  • If you are years or even decades away from retirement age, it’s still important to learn more about the program
• I can figure out Social Security strategies on my own
  • Social Security rules are complex, so it’s important to have a strategy for tapping into benefits

More information can be found on the Drake & Associates website.