Local financial expert discusses common myths about Social Security

NOW: 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.

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