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Social Security Urban Legends

Finishing Well / Hans Scheil
The Truth Network Radio
September 8, 2018 8:30 am

Social Security Urban Legends

Finishing Well / Hans Scheil

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September 8, 2018 8:30 am

There are many misconceptions about Social Security out there. Hans and Robby break down a few of those this episode, including:

  • Are Congress and the President  spending the Social Security Trust Fund on things other than Social Security checks?
  • Will Social Security not pay me because they run out of money?


Get the answers to these questions and more in this week's episode!


Don’t forget to get your copy of “The Complete Cardinal Guide to Planning for and Living in Retirement” on Amazon or on for free!


You can contact Hans and Cardinal by emailing or calling 919-535-8261. Learn more at

Finishing Well
Hans Scheil
Rob West and Steve Moore
Finishing Well
Hans Scheil
Rob West and Steve Moore
Rob West and Steve Moore
Finishing Well
Hans Scheil

Welcome to finishing well brought you by Cardinal guy, certified financial planner belongs agile, best-selling author and financial planners helping families through 12 for over 40 years of finishing well will examine both biblical and practical knowledge to assist families in finishing well, including discussions on managing Medicare IRA long-term care life insurance and investments and taxes.

Now let's get started with finishing well.

Oh, what, and since this is socialized security. What are the Social Security that what is left is often lurid story that is based on hearsay and widely circulated through your legend of alligators living in sewers called so sure there are those things and so security people get involved in that standards so this'll yes I have people coming this very conference room who are becoming clients and just as I'm listening to them getting to know them.

I hear these really cannot miss misconceptions and they really become urban legends of things that they that are true that they've accepted as true, and they hear in the media discussions and they base their financial planning, such so get in today to talk about Social Security, but on each one of these topics we have.

I have to I have to debunk these things with my clients in just just about every meeting that I have and it's is interesting to any virus actually praying about this concept of know what's behind this.

These urban legends and actually I came to conclusion, it said the father of lies of these things are based on lies and if Jesus were here he would say to the person escorting these urban legends you blog your father the devil, and you want to carry out your father's desires. He was a murderer from the beginning of holding to the truth, for there is no truth in him. When he lies, he speaks his native language, for he is a liar and the father of lies and see it, you know that's like the exact opposite of Jesus and he's all about the trip.

I work for the Truth Network. Anyway, you know, one of those urban legends really miss on Social Security really leads a lot of people astray.

This whole idea of what Weiss is know that Social Security trust fund for the Social Security money set aside people put this on Facebook all the time. I see it, and they got all the way. The conclusion of the line and their mad and former presidents are former congresspeople saying you spent the Social Security spent my Social Security money on other than it's just not true. Maybe just didn't happen.

It can happen is against the law and just coming from a person who researches these things pretty thoroughly and have just made my life about that.

My patient this is not true.

And then that the further Piece of this lie is that it's not a lie, in and of itself, is that the socialist purity trust fund is been a run out of money in 2034 therefore would have no Social Security so I I can't cannot only want talk about that Select becomes like a gigantic diversion to what Ricky is relative is somebody coming in for landing there kind of finishing well by wing, certified financial planner hotshot in his book the complete cargo guide to living to planning for living in retirement I brought you by Cardinal which is where all the stuff is we should mention today's discussion on Social Security. There and available for free writing of the website Cardinal and download any of the seven words 30.pdf of the book Social Security is the first content chapter book is where we start is the is the baseline of retirement financial planning because you know just what this lie is going at is the very core of Social Security me to get anything that you can count on your retirement and you can't.

You can count on not losing that you can't invested in stocks and lose it all in stocks. You can't lend the money in your cells. Your brother-in-law and EEE blows it all just can't can't go to some swimmer you can count on Social Security and the reason this first chapter in my book.

It's extremely important that you understand this, some of the basics about Social Security before you engage in it before you do your other retirement plan. That's what is the first chapter in the book as we got it thoroughly researched this and that understanding and all do the thoroughly research part of the people that are coming to me. You don't really have to go to school in this petite need to understand this and make some good decisions on Social Security know how much you can get that amount will be guaranteed for the rest your life and then we can make your other financial planning decisions would help David Valley you think about Satan's plan here.

You got your plan, but it's often not the study. Your enemy and he's your enemy Plant elasticity armies in the oh my goodness. And so here you got income, right, you can count on it is coming right now. How can I steal some of that well if you make a bad decision on when to start taking your Social Security.

It's going to be stolen for the rest your life and in mission accomplishment foresight. What you need to make bad decisions with your other money in your other retirement money like your IRA or what whatever you have set aside to supplement socialist and to live off of you could make the assumption that this is not to be there for it and then you can make bad decisions with that money and lose that.

So there's all kinds of ramifications of believing this urban myth, legend, yet there alligators. It is certain. You can't help but note the similar that to where a lot of that goes but he's a big decision on the case Let's repeat that we get off of this urban legend just repeat what we heard is that people that come in to see me and there sitting down there making the assumption that a lot of their money has already been spent by Congress are former president and the really mad about it okay and then consequently, they think that is run out of money just can't count on so there you go in there kind of obsessed with that using it to a lot of people are.

And you know in the lie. And then there making the assumption that there's no point plan for this is your any so that's the first one, and now I get on the second one and the second one is not as catastrophic but is still fundamental in making the decisions is that retirement age is Social Security six and I figured I just made the assumption when your parents retired. He was 60 really all up until a few years ago, people over 65 to get the full Social Security at 65 but it's now the people that are retiring right now. The people that are 66 right now is exactly 866 and we went over this earlier for you your 63 and for you is can be 66 and two months.

I'm 60 and for me is 66 and eight and for somebody born 1960 and after his full age 67. Now that I repeat that I think I'm 62, actually on but I'll be 63 in October about that.

What I think it means that I 66 and two months before I can get what they call call retirement. The thing that I learned about this which is unbelievably valuable is it isn't like I said, you gotta take it at 65. You gotta take it at 78 N. every month. The payout changes that blew my mind.

I had no those are the things that we know and we have difficulty expressing these to our clients when they're just living on these urban legends like you who you believe you can believe the devil are you going to believe me. I obviously don't say that the clients would that's what I'm thinking so we gonna debunk these nests, we gotta get really down to the real facts and they would have to make a decision you have to make a decision if you're the client for when you want to take this. You went when you wanted to conjure Social Security possess some real advantages for you waiting until your age 70 K and in the name of the show is finishing around for Reese because there's a lot of things that are different in people's lives.

And there is no cookie-cutter approach like I have no intention of waiting broadcasting at age 65, 67 or Vargas to let me talk to crazy that 75 is my situation changes on when I would take my Social Security over somebody that didn't knowing finishing well has to do with your life and what you're doing you know with your income with you.

When I got another friend whose in the with has a 20 year military dealer. He's got that retirement, and so his retirement is completely different because he's looking at that pension and eliminate his wife's health insurance. As always, thanks, mix together and a beautiful thing this book, like you say, take that combination builds on all these concepts to help you put together and do something that makes sense to finish well yeah and you can get the book.

First of all, if we if you don't buy the book if you get for free that that's not get to this information, you can go to carton and you can go right under the seven words tab under Social Security and you can download the Social Security chapter of this book and the Social Security chapter in the workbook just right there for Dr. start now. If you'd like to read the whole block.

There's also a link for Amazon and you can go there and you can also write me a carton Hansson just tell your listing to finishing well, a certified financial planner Hans child today show socialized urban legend that socialized security and urban legends. We got more stuff get amazing stories of the two bodies when we come back to staging so much more. We hope you are enjoying finishing well brought to you by Cardinal is a cardinal for free downloads of previous shows, including episodes about Social Security and Medicare, IRA, long-term care, life insurance, investments and taxes as well as Hans best-selling book, the complete cardinal guide to planning for and living in retirement. Plus the accompanying workbook.

If you want to follow along with today's topic download free PDF had cardinal by going to the seven worries tab of today's show topic, just scroll down to useful documents once again for free resources shows going to get Hans book the complete cardinal guide to planning for and living in retirement or the work will go to Cardinal you have a question, comment or suggestion for future shows. Click on finishing well radio show and send us a word. Once again that's Cardinal Cardinal now back to finishing well brought by Cardinal back to finishing well certified financial planner child today show urban legends of Social Security or support streaming on Facebook.

The socialized security backing up in a way that we talked about is to let number one that sister Deacon is not to be there. That's a lie straight from hell because it causes people to make a lot of crazy decisions about when they take the so security wouldn't share some stories about that, but the second urban legend is retirement age is 65 and when and if that hasn't been 65 four several years and is now as we went through the example for people that are retiring right now. This year that are age 66 the full retirement age is $0.60 and for you. You were born in 1955 and 66 and two months so that's the age when you can take your full Social Security for me at 66 and eight months design 60 right now he had so it's a phased-in amount and the people born 1960 and after is the full age 67.

So then retirement can be 67 for the people there 60 and from 1965-63. Synergies can be 67. Some of the real, but by the time Pete they may change this again at some point times about not arise well because I get back to the first met is the whole reason moved from 65, 67, was to shore up those dirty make sure the money is there for us down the road and they're gonna need to do that again and moving the retirement age further out. Might be something that the crime they might increase taxes they might just do a lot of things and regardless the Social Security monies can be there and instead it is not productive for people to come in approaching retirement, making the decisions and to just coming here full of always givens that are really urban legends that are mistakes and the wrong, and then they come in here and tell me all these things in the same once you want to just skip Social Security player given.

I accept all of us want to do your Social Security planning for me based upon that and insist is wrong. We gotta get that stuff out of the way so we can get some good advice so I dislike the kingdom of God knowing everything is connected. No that when you're looking at finishing well you that taxes are connected, healthcare connected also to attend the first example of the good friend of mine really different. You know he was just waiting for the day. He was 62 and the inside of your character which I love them and he knows a colony site on things are going on that so I need to take my so security as quickly as I can and have run out of money here all that and you know those are all unfortunately lies because honestly you are living for eternity.

Just saying you know my brother Jim was in here and I played golf with the guy and he told me all the stuff that we're playing golf and I just went out we went out there to do financial planning that day, but at you. We have a lot of clients just like him that you say okay I paid for it. We just have another agent in your his grandparents who are now in their mid-70s they submitted 62, probably for the same reasons because you know a check today and you can put in the bank is better than not getting a check down the road and I would guess that these urban legends are tied in with your state right and not understand why this is from my point of view of Satan depressed every month that you wait to take your check from fostering a flakes and installing and Sophie taken early you take a cut immediately that, by the way you're gonna have to rest your life, but the other issue is that in this man's case.

You know when he got his tax bill. He was like oh my gosh you know, look what they did to my taxes because I took my sister what we get part of it back because the Social Security program doesn't want you to take your check early if you're still working so they have a provision in the air that if you take your check and you work part time and you make less than $17,000 a year. That's fine so upset so went over to detector check earlier retired. But you go back to work part-time to make less than 17 grand a year have, then you have to getting in the back, but if you can are working you take your check early and perhaps you make $30,000 a year for $40,000 a year or more. You basically gonna give half of that Social Security back so they got reduced and then he got give half of it back because you were supposed to take it and still make other money that you can live off people know that stuff and its debts resonate with you believe those urban legends you find yourself like oh my goodness It's wonderful actually that we have the truth coming out. There is a finishing well certified financial planner Hongqiao and of course all the stuff we talked about all time is in this book the complete Cardinal guide to plan for living in retirement. I set it right on the situation. We can talk about on the bright so you're gonna be 63%. So we discovered when we ran the numbers that you can do it and 66 and two months which you definitely cannot wait till that set so that we can wait till then because with the assumption unless something really bad happened to you or you didn't have an income you wait till then. But then furthermore you're going to still be working at least things run according to plan and your most likely been a delay till seven because I would be payment of taxes on the Social Security if I started taking it and I'm also reducing my benefit. Well, it just seems to me like that benefit was around 2200 bucks a month of full retirement at 66 and two months you can take 2200 a month in the projection, but by waiting until your 70 it was up over 3007 is excellent $2400 effective for 32 or 3305 waited till 70 okay that's a big bunch of money 800 bucks a month for all your years passed 70 take too many years to make up what you waiting you're going to get income from work anyhow there's another factor is when you pass away, assuming you pass away before your wife and when you pass away.

She's can get your check. Let's just say that you died and 80 and she lived in 95. Well, if you wait till 70 to take it you're gonna get your check and get her check from 70 to 80 you pass away now that 80 she's then get your check for the rest of her life suffer another 15 year they built in Tammy seven years younger to make a chance of living way beyond. So that's a big part of the service of a lot of partial high-security so it won't be doing financial planning is we come in and we help them make the decisions about when to file processes.

Some of them end up and taken it 62 were not shoving everybody in the same situation may coordinate advising but Social Security can be looked at in a vacuum that your other savings had another big thing that another friend of mine is facing is if he and his wife retires interestingly and she goes on Medicare, then they lose their health insurance for him because they cheer for hospital and so you know that's all part of the equation. Somehow yes you yeah yeah okay I run into this all the time and so when we find this out. People want to retire tell us how to make all the money were that's the first topic we go to health insurance under 65 for any of them after retirement of either one of them that are going to have to take that gazebo. By the stuff on the open market thousand bucks a month right especially for risky peccadilloes Social Security check. As the years. That's a big part of the equation when you guys sit down to figure that and that's why I say that all the stuff you know it. It fits together taxes, healthcare, and eventually long-term yet so you know I don't want to oversell my book on the show and the show is based upon the book but what I do want to do what is a limited status for database is nothing to do with some books is everything to do with getting the truth out right and that's been no everyman conferencing. I know that's it's hard and and you want to get the truth out there to dispel these urban legends as you see people been injured by working off urban legends and stuff like that. So here's a book here's information radio show, etc. to get the truth out there course people want take advantage of your services that they can go to and take advantage of free book of all these different things when I can instruct the whole book pretty much for free off of the website just by downloading all the PDFs that are available. Therefore okay and the book only cost a dollar 99 on the Kindle Amazon 79 9 x 1 of the paper book. And furthermore, if you want this book. If you'll just send me a tell me like I'd like your book free book offered to tell me that is you want your paper book and give me your address if you'd like an email book free to send me your email address and I'll just shoot thing out to the side of caution not to mention if you have a question some of your segment on all my I would like to ask Constance number one make a call. Obviously there send me a question if you let me know that it's okay to use in the shop. That is, I want to know that because when I get the questions and by the way I want to answer your question either way and just just try to help anyway I can, but we would like to know if you send in a question get those in we use a lot of times on the show and I like to know mission. I won't name the but I will love. I will use the situation shop so I like what you said and I want to go back to that is if it's worth reviewing is that Social Security is kind of first chapter because he got about a foundation of these things are being built on and you know that this did America you're getting this income source and it's coming and maximizing it is a big part of finishing it it it absolutely is. This is the this is the first chapter in the whole series and this is what we based Social Security check is working to put their is given in a guaranteed base. All the other financial planning decisions on top. Urban legends have fun is that the flock thereof that is exactly 3 with another episode of finishing. We hope you enjoyed finishing well brought you by Cardinal visit for free downloads of the show or previous shows on topics such as Social Security, Medicare, IRAs, long-term care and life insurance, investments and taxes as well as constant best-selling book the complete Cardinal guy to planning for and living in retirement and the workbook once again for dozens of free resources past shows order to get Hans book go to Cardinal if you have a question, comment or suggestion for future shows. Click on the finishing well radio show on the website and send us a word. Once again that's Cardinal Cardinal

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