4 Ways to Avoid Losing Your Social Security Benefits!

by | Dec 6, 2022 | Spousal IRA | 44 comments

4 Ways to Avoid Losing Your Social Security Benefits!




4 Ways to Avoid Losing Your Social Security Benefits!
Take Your Finances to the Next Level ️ Subscribe now:

Download FREE Financial Resources from the show ️

Sign up for the Financial Order of Operations course ️

Download The Money Guy Net Worth Tool ️

Our professional focus is on financial planning and investment management, and we leverage our knowledge for your benefit. We help you focus on the things you can control and manage the things you can’t. Visit our site for more info ️

Facebook:
Instagram:
Twitter:
TikTok:

Let’s make sure you’re on the path to financial success – then help you stay there!
The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW!

We can’t wait to see you accomplish your goals and reach financial freedom! New shows every week on YouTube and your favorite podcast app. Thanks for coming along on the journey with us….(read more)


LEARN MORE ABOUT: IRA Accounts

CONVERTING IRA TO GOLD: Gold IRA Account

CONVERTING IRA TO SILVER: Silver IRA Account

REVEALED: Best Gold Backed IRA


See also  "Webinar: Understanding the Property Tax/Rent Rebate Program and Applying for it"
Truth about Gold
You May Also Like

44 Comments

  1. Miles M

    How do teachers not reach the 40 credits needed? I'm 33 and remember looking at my SSA account in my late 20s and having the credits. I suppose I don't understand exactly what earns these credits.

  2. Shayla Holloway

    Ugh. So what 4 IF You Already Have It?

  3. jjgreek1

    I don’t understand why the wealthy don’t pay their fair share . High income earners don’t pay 7.65% SS tax after a certain amount …I believe it’s $120K. Change this and you save SS forever.

  4. niranjan reddy

    Fresh content. Thumbs up.

  5. moniquemonicat

    My FRB is age 66.6 (not 67). I am going to take my retirement at age 65, this is about 89% of my full retirement. 62 would've been too early for me, I think 65 is perfect.

  6. Karl West

    What do you think about the new RMD that requires a mandatory distribution if your retirement accounts are greater then 10 mil. It was written by Senator Wyden and is part of the first Biden Build back better plan and takes effect in 2028. I have not had a chance to read the second Inflation reduction plan. How one reduces inflation by spending another 800 billion and increasing taxes I have no idea. Isn't this why there was a tea party two centuries ago? The boys and girls in DC need to stop spending.

  7. Mark Sweetser

    Buying every week isn't sick. I have auto investments go in every day of the month darn near

  8. Mari Rami

    Excellent information! Thank you so much !

  9. Deven Murray

    brian you can "build wealth" better than the government ONLY because the government AND SS is what provides the stability and market conditions for you to earn interest. take those things away and you wouldn't make a DIME.

  10. Kelly Serafina

    Take SS as soon as possible because chances are, it won't be there for you when it's your turn to collect the money you've submitted all your working years. 70% is far far better than NOTHING.

  11. drbassface

    Think of all the SS payouts SS won’t have to payout due to COVID Deaths. Funny their longevity hasn’t reflected this. Also, SS benefits increases 8% every year from age 62. Plus early worked years are inflation adjusted. Maybe your own portfolio isn’t so good now with the market crashing?

  12. M W

    We got to 6.3% 30 years fast.

  13. Bob

    SS will replace 90% or more of our household expenses. Just mine alone. So having healthy investments will more than see us through. SS is not going away.

  14. ernestmac13

    I live in the San Francisco and, one of the parks in the town I grew up in had a house shoes area.

  15. rorschach602

    Don’t worry. Boomers will vote themselves to get paid. They always have and will until they’re gone.

  16. Vasile Mazilu

    …..what you say now you should have this talk 30 years ago now by 63….everyone is broke and . …Sour ….

  17. Beach Town Stitchie

    The stories about your mom and your employee both boiled my blood!!

  18. Bartosz Lomnicki

    Love you guys thank you for all you do!

  19. Luis Velazquez

    What happens for a couple that is married, (HIM the larger earner/HER the lower earner), she doesn't delay takes SS early, but he delays his SS and dies before age 72. (before filing for the delayed SS benefit)

    – Will she still get the spousal death benefits even though he delayed or will she not receive it because his SS wasn't filed when he was alive?

    Note: Their entire nest egg portfolio outside of SS consist of ROTH assets, and no pension or other taxable assets they would sell.

  20. Ken John

    I paid down my mortgage. Then I could use cash for my children's college. No government rules!!!

  21. Lifetime Expat

    You, personally, maybe better at investing your money than government. Is everyone though? Go to Walmart, take a look around, how many will be better at it? And when they get old, gov. will have to keep them from starvation one way or the other. (Because they will be seniors and they will vote). This way at least everyone contributes. It is social insurance, which is a bit different from pure investment. Some people get less, some more. But yes, politicians should stop reaching into this cookie jar.

  22. emagneticfield

    If we rolled into another depression and the government basically went broke everyone on social insecurity, welfare, snap (food stamps), etc would get a letter. “Well we are broke. Sorry. No more checks or benefits. Good luck.”

  23. Scott From South Carolina

    Don't forget about health and quality of life. You can be much more active at 62 with grandchildren and such than you may be at 67. How much is your freedom worth? On your deathbed, you will never say I wish I worked more. You learn to spend less in retirement.

  24. Bryan P. Allen

    @the money guy show I may have missed it, but didn’t hear you discuss the 0% cap gain tax bracket. For 2022 it’s $83,350 for MFJ, $41,675 for single filers.

  25. psychout

    Just a quick question how can social security disappear? I mean if they are always collecting social security from workers even tho they are paying out more than they are taking in they will still be able to pay but at a reduced payment. So instead of getting the full 100% payment you'll get maybe 75% or maybe 60% the only way they can stop it is if they stop collecting payments for it.

  26. george chung

    Social Security was enacted in the first place because too many elderly people were impoverished. So now that the generation that saw that are all dead, here we are looking at Social Security thinking "I can do better". Yes, you can. But the point is the majority cannot.

  27. Carie Young

    The amount of seniors I see that just live on SS was my fuel to be financially independent without it before I retire/age 70 etc…they will be in dire straits with this economy and inflation for the foreseeable future. Medicare goes up (part B) and it’s sad to witness with what I do. Too many thought years ago that SS would be enough

  28. CaraMarie13

    What i also hate about social security is that because this country is slow on financial literacy that people don't realize that social security won't be enough to maintain them in retirement and then are surprised when they do start taking it and the amount is extremely low. Also, i but every week too. One of the mistakes ive made until now is buying large quantities at the same time and i admit that i use to do it for the rush. I realized that if i did small amounts across all of my accounts weekly, i could buy on four days of the week. I think it's great and it's gotten rid of my happy trigger fingers.

  29. Rajan Gandhi

    Guys: Been listening to your show for close to a year now. You guys are smart and are doing a good job educating younger folks. Just came back from vacation and was listening to the show on Social Security Benefits on the podcast (abbreviated version). Very disappointed with Brian's rant on "Ponzi scheme". If you guys stuck to explaining the program as Social Security and not tried to compare it to an Investment vehicle, you would have done great by your listeners. Also, when you tried to explain on program going broke, you mentioned that after 2034, you will get less – you should have clarified that you would get 76% of the benefits, that would have been education. Brian, you are smarter than that. Had to set it right.

    Other than that, keep doing the good work.

  30. Omar

    You guys are great and I have learned a lot from you guys… But your take on Social Security is terrible. Calling a "ponzi scheme" is disingenuous because while it is NOT working as intended (due to the last two decades of terrible Senators and very bad President in the 80's) you guys do know the intended use-case was not bad AND it can be fixed (although we need a new slate of Senators that know what they are doing). The idea of a "safety net" that everyone can partake on, especially for those lacking financial literacy, is important for EVERYONE.

  31. ACicak

    Ugh….my mom passed away from lung cancer at 59 and was in the process of applying for social security disability…she worked hard her whole life and got nothing. She had nothing left to her at that point.

  32. Firefighters Financial Toolbox

    I too DCA weekly into my brokerage account, with the markets down currently I actually doubled my weekly investment for the down period. I know I'm buying on sale!

    Bi-monthly into my 457B , My only exception is we Max out our Roth IRAs on the 2nd of January every year.

  33. B.C Drisk

    I love that these guys change with the times and don't talk about politics. Two big reasons I dislike listening to Dave Ramsey

  34. M Darawell

    This show was very helpful thanks.

  35. Merrie Giles

    If they're going to be out of money by 2034, shouldn't you pull as much as you can before they go broke?

  36. Jeanette

    So much yes to this, the entire program is theft. The money is squandered by our incompetent government and is barely enough to eat off of if you get it at all. I hope it all collapses, I don't mind never getting the benefits if it removes the burden for future generations. Save and invest early and often.

  37. tsk weml

    if Americans ever lose there social security Benefits it would be like a nuclear bomb was dropped . they would have to bring the army navy air force and marines to stop the millions from bringing down the government . wow it would be scary.

  38. Sean O'Hara

    Horseshoes aren't southern. Grew up in NJ playing it. Wife's from NY and they had it there too.

  39. Jonathan Martin

    Typical Brian, "gubmnt bad." Nevermind social security disability, the tens of millions of elderly kept out of poverty, and how the "funding crisis" can be resolved by removing the cap on income over $122k. I am sure all these corporations would immediately put that 7.5% FICA money into quality retirement accounts for the employees, right? Corporations love paying benefits, right?

  40. Liam Rappaport

    I do my ROTH IRA weekly and my brokerage account biweekly on paydays. Not sure why I don't do them both at the same times, but it works!

  41. Eden

    When did you guys get over 200k subs? Almost to a quarter million. You guys deserve millions tbh. One of the few genuine channels on finance out there.

  42. Peter Georgopoulos

    I'm down with the sickness…. I buy weekly too.

  43. miller charlie

    Several of those instances of losing benefits are related to not paying out to those who don’t need it, which we want in a government program. Having earned income as an example, & although antiquated view is the premise behind the remarry rule. I think there should be a wealth limit on collecting benefits as well. I’d favor using it as a redistribution vehicle.

U.S. National Debt

The current U.S. national debt:
$35,951,601,173,936

Source

ben stein recessions & depressions

Retirement Age Calculator

  Original Size