Local financial expert discusses common myths about Social Security
Posted: Apr 15, 2021 8:05 AM CDT
(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.