The Truth Behind Social Security Myths

American Investment Planners LLC

500 North Broadway, Suite 260, Jericho, NY 11753

(516) 932-5130 / (866) 932-5130

When it comes to your financial future, Social Security is something that absolutely cannot be ignored. As a program designed to aid individuals in the retirement phase, it is imperative that it becomes a part of your retirement planning discussions. However, if you are unfamiliar with its purpose and how it works, your financial success in the future may not attest to your expectations.

So what have you heard about Social Security thus far? Since it is such a sensitive subject for all - regardless of retirement status - we at American Investment Planners LLC want to make sure that what you have heard and believe about it is true. Thanks to USA Today, we've outlined a few Social Security myths you need to be aware of below:

1. You Must Start Collecting At A Certain Age

If you asked five different people when you should start collecting Social Security, you would likely receive five different answers. While some experts may suggest you should start as early as possible, others would highly advise against this and suggest waiting until you really need it. However, the fact of the matter is that everyone's financial situation is different, meaning everyone will have a need to start collecting at different times.

2. There Will Be No Social Security Left By The Time You're Ready To Collect

With the economy as is, the idea that Social Security will run out is one that has been passed on by many. However, it is important to note that while there may not be as much left, there will likely still be some to give (perhaps just not in full).

3. Social Security Is Not Related To The Rest Of Your Finances
Failing to consider the rest of your finances when discussing Social Security and retirement is one of the biggest retirement planning mistakes you can make. From your taxes to your employment income and more, all aspects of your finances are somehow intertwined.

Being that Social Security heavily impacts your success during retirement, it is essential that you prepare for it correctly. And what's the best way to do that? Meeting with an experienced financial advisor, of course! Here at American Investment Planners LLC, we are experts in retirement planning and have the knowledge needed to steer you in the right direction when it comes to managing Social Security and the rest of your retirement income. For more information about our retirement planning services, please give us a call at (516) 932-5130 or toll free at (866) 932-5130 today.