Clearing Up Misconceptions About Social Security

In a recent article for Forbes Finance Council, Covisum Founder and President Joe Elsasser, CFP® clears up some common misconceptions about the Social Security program.

Inaccurate information about the Social Security program often leads to poorly-timed claiming decisions, and a badly-timed claiming decision can cause your clients to leave tens of thousands of dollars on the table. In this recent article for Forbes Finance Council, Joe tackles the biggest Social Security misconceptions:

  • The Social Security program in out of money.
  • Social Security will continue on its crash course with reduced benefits.
  • Social Security will be means tested.

"People who are retiring now should not be focused on the idea of a benefit cut. Fear may scare you into making a poor decision, like claiming Social Security benefits early when you otherwise shouldn’t have. In general, all of the nuances of Social Security claiming can seem overwhelming, but misinformation could cause you to make a poor decision and leave significant money on the table."

The nuances of Social Security can be overwhelming, but there are many resources available to pre-retirees and retirees who are looking for more information. Free educational seminars are often offered in many public libraries and community colleges, the official Social Security Administration website has a lot of great information, or contact a financial advisor with specific Social Security claiming expertise.

You can read the article in its entirety in Forbes.

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