Intelligence

Myths and Misunderstandings about Social Security

A previous series covered gaps in clients’ Social Security
knowledge. This one will address some common myths and misconceptions that often lead clients towards improper filling and income planning decisions. These myths may include: the idea that Social Security sets up accounts in each taxpayer’s name; the lack of eligibility for non-working spouses; the permanent loss of benefits distributed while working; and the
proportionality of benefits to salary, just to name a few. In your experience, which myths are the most pervasive, and what kinds of bad decisions might they lead clients to make? This story will be featured in a retirement-focused section of Nationwide’s ThinkAdvisor website called Retirement Wire: http://www.thinkadvisor.com/sponsored/retirement-wire/ slreturn=1498083954. This round of stories for August and September will focus on Social Security. Requirements: I’d like to speak with financial advisors well-versed in Social Security.