Social Security Explained: What’s Fact & What’s Fiction

Think you know how Social Security works? In this episode, we’re putting your knowledge to the test with a game of Fact or Fiction. Join us as we explore what’s true — and what’s commonly misunderstood — about claiming benefits, spousal rules, taxes, and the future of Social Security.

In this episode:
1. Fact or Fiction: Social Security will run out before I retire.
2. Fact or Fiction: A surviving spouse, at full retirement age, generally gets 100% of the worker's benefit.
3. Fact or Fiction: An ex-spouse’s benefit comes out of your own.
4. Fact or Fiction: Social Security benefits are all I need in retirement.
5. Fact or Fiction: I won’t pay taxes on my Social Security benefits.
6. Fact or Fiction: My benefit is based on my top 35 earning years.
7. Fact or Fiction: The annual COLA is guaranteed.

If you're 55 or older, now is the time to separate fact from fiction and move forward with confidence about your Social Security decision.

Chapters
00:00 Social Security is Complex
02:16 COLA and Earnings Test
04:35 Will Social Security Run Out?
07:28 Surviving Spouse Gets 100%?
09:44 Ex-Spouse Impacts My Benefit?
10:43 Workshop Question: Do Heirs Pay Higher Tax Rates?
12:53 The IRA Relocation Strategy
15:42 Social Security Alone is Enough?
16:25 Social Security is Tax-Free?
18:24 How Social Security is Calculated
19:26 The COLA is Guaranteed?
20:52 Final Thoughts

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Loren Merkle
CFP®, RICP®, Certified Financial Fiduciary®
https://merkleretirementplanning.com/...

Chawn Honkomp
CFP®, RICP®, Certified Financial Fiduciary®, CPA®
https://merkleretirementplanning.com/...

Molly Nelson
Host of Retiring Today with Loren Merkle
https://merkleretirementplanning.com/...
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