5 Social Security Mistakes Retirees Make

Social Security: Avoid These 5 Common Retirement Mistakes This podcast episode dives into the top blunders retirees make with Social Security benefits. First, claiming early due to fear of the programs solvency. Despite potential trust fund depletion, payroll taxes will still cover a significant portion of benefits. Second, working while collecting without understanding the earnings test, which can lead to benefit reductions. Third, overlooking the taxability of Social Security benefits, especially for high-income individuals or those with required minimum distributions from retirement accounts. Fourth, neglecting to coordinate spousal benefits, which can result in lower earners missing out on up to 50% of their partners benefits. Lastly, not regularly reviewing earnings records to ensure accurate benefit calculations. The episode emphasizes the importance of strategic planning and staying informed to maximize Social Security benefits. Support the show:Get a discount at https://solipillow.com/discount/dnn. Advertise on DNN:[email protected] This is an automated, high-level news summary based on public reporting.Report issues to [email protected]. View sources & latest updates:https://sources.thednn.ai/83d237edf4d6a482