Social Security Mistakes That Could Cost You Big Highlights From ‘Wealth From Wisdom Radio’
Surprising Things You Don’t Know About Social Security That Could Cost You a Small Fortune Over $10 billion in Social Security benefits go unclaimed every year. A lot of this “lost” money comes down to people not doing their due diligence. Sometimes it’s an advisor passing along bad advice to their client. Sometimes it’s the Social Security recipient not getting all the information they need to make smart decisions about the benefits. In the Wealth From Wisdom Radio podcast dated June 9, 2018, host Ron Carson, along with Paul West, discuss the things people don’t realize about Social Security — and how it’s costing people big. One thing you have to remember is that Social Security benefits were never meant to be 100 percent of anyone’s income but for many, they are.
At one point in time, Social Security was meant to make up about 40 percent of an individual’s income after retirement, but today, many people don’t realize this and fail to plan accordingly. They look at it as more of a catchall. Part of the deeper problem, however, is that people avoid talking about it. Then they make default financial decisions that may not necessarily apply to their situation. This default decision-making can end up becoming a huge mistake for a lot of people who end up missing out on a lot of money. One way to alleviate this is to sit down with a financial professional to talk about Social Security in detail. Have a conversation about getting the most out of Social Security to avoid making major mistakes that will cost you. You have to think about Social Security
holistically and in terms of the rest of your life. To go along with that, you have to think about timing. Too many people get advice to take the money as soon as they can, and depending on your situation, you can end up losing out on tens of thousands of dollars, if not more. There was a time when, if you made a bad call on your Social Security benefits, you could do it over. That is no longer the case. If Social Security represents more than 40 percent of your income and you make a bad call, that mistake can have a ripple effect on your entire financial life, and ultimately, your lifestyle.
For more on these costly mistakes, head over to WealthFromWisdomRadio.com .
Sudoku
Late-Summer Panzanella
INGREDIENTS •
•
2 red bell peppers, seeded and cubed 1/2 red onion, thinly sliced 1 cucumber, sliced into rounds 20 basil leaves, chopped
1 small loaf French bread, cut into 1-inch cubes (6 cups) 3 tablespoons extra-virgin olive oil 2 large tomatoes, cubed
• •
•
• • •
•
Salt, to taste Vinaigrette
INSTRUCTIONS 1. In a large sauté pan, set to medium-low heat and add olive oil. Add bread and 1 teaspoon salt, tossing often, for 10 minutes or until toasted. 2. In a large bowl, mix vegetables and herbs. Toss in bread and your favorite vinaigrette and mix again. 3. Serve immediately or allow to sit up to 30 minutes for the flavors to meld together.
Answer on page 4
www.CornerstoneWealthGroup.com | 3
Inspired by Food Network
Made with FlippingBook HTML5