{"id":24738,"date":"2017-09-05T12:00:17","date_gmt":"2017-09-05T17:00:17","guid":{"rendered":"http:\/\/www.discoverclarksville.com\/articles\/?p=24738"},"modified":"2017-09-03T20:08:17","modified_gmt":"2017-09-04T01:08:17","slug":"frazier-allen-debunking-social-security-myths","status":"publish","type":"post","link":"https:\/\/www.discoverclarksville.com\/articles\/2017\/09\/05\/frazier-allen-debunking-social-security-myths\/","title":{"rendered":"Frazier Allen: Debunking Social Security myths"},"content":{"rendered":"
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\"F&MClarksville, TN<\/strong> – It’s time to shine some light on common Social Security misconceptions to help you get the most from your hard-earned benefits.<\/p>\n

Myth #1 – Social Security won\u2019t be around<\/strong><\/p>\n

FACT<\/strong> \u2013 Social Security is replenished by working Americans, interest on its bonds and taxes on some retiree benefits. Should the existing surplus be depleted, future retirees may be paid a portion of the benefits promised, but not zero. <\/p>\n<\/div>\n

\"Debunking<\/a><\/p>\n

\n

Myth #2 – Social Security is all you need<\/strong><\/p>\n

FACT<\/strong> \u2013 While benefits are adjusted for cost of living increases, they\u2019re intended to supplement, not replace, retirement savings. That\u2019s why it\u2019s important to maximize your retirement savings for as long as possible.<\/p>\n

Myth #3 – Always file as early as possible<\/strong><\/p>\n

FACT<\/strong> \u2013 Filing before your full retirement age (FRA) will begin benefits sooner but reduce their amount, which may not be optimal. Higher-earning spouses often delay benefits to ensure a higher payout for their widow or widower, who would be eligible for 100% of their benefit.<\/p>\n

Myth #4 – Always file as late as possible<\/strong><\/p>\n

FACT<\/strong> \u2013 Waiting past FRA to file often makes the most sense financially. But some conditions warrant filing early, particularly if you need the extra income, have health concerns, or want the payments during your younger years.<\/p>\n

Myth #5 – No work experience, no benefits<\/strong><\/p>\n

FACT<\/strong> \u2013 Those without 40 quarters of work history can receive half of what a spouse or ex-spouse would receive (if you were married for over 10 years and haven\u2019t remarried). Surviving spouses and exes may also be eligible for full benefits on their spouse\u2019s record.<\/p>\n

Myth #6 – Never work after filing<\/strong><\/p>\n

FACT<\/strong> \u2013 If you file early and continue to work, your benefits will be reduced based on your earnings. But those benefits are simply delayed; at FRA, you\u2019ll receive increased payments to make up the difference.<\/p>\n

Myth #7 – Rely solely on advice from friends and family<\/strong><\/p>\n

FACT<\/strong> \u2013 Advice from nonprofessionals may not maximize benefits. Speak with your financial advisor and accountant to help determine your best strategy.<\/p>\n

\n

Sources: ssa.gov; investopedia.com; forbes.com; thefiscaltimes.com; marketwatch.com; cnnmoney.com<\/p>\n<\/div>\n

Material prepared by Raymond James for use by its advisors. Raymond James is not affiliated with any companies mentioned in this material.<\/p>\n","protected":false},"excerpt":{"rendered":"

Clarksville, TN – It’s time to shine some light on common Social Security misconceptions to help you get the most from your hard-earned benefits. Myth #1 – Social Security won\u2019t be around FACT \u2013 Social Security is replenished by working Americans, interest on its bonds and taxes on some retiree benefits. Should the existing surplus […]<\/p>\n","protected":false},"author":23,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"ngg_post_thumbnail":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[3],"tags":[825,11584,7932,235,17578],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p4xGYI-6r0","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/24738"}],"collection":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/users\/23"}],"replies":[{"embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/comments?post=24738"}],"version-history":[{"count":2,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/24738\/revisions"}],"predecessor-version":[{"id":24740,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/posts\/24738\/revisions\/24740"}],"wp:attachment":[{"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/media?parent=24738"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/categories?post=24738"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.discoverclarksville.com\/articles\/wp-json\/wp\/v2\/tags?post=24738"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}