Dave Ramsey host warns of Social Security pitfalls in retirement (#321)

Financial Advisors Say The Darndest Things

In this episode of Financial Advisors Say The Darndest Things, A.B. Ridgeway discusses the misconceptions surrounding Social Security as a retirement plan. With insights into Dave Ramsey's advice and practical strategies for managing Social Security benefits, A.B. provides listeners with essential tips on how to better prepare for retirement. He emphasizes the importance of personal savings and investments rather than relying solely on Social Security. This episode is a must-listen for those approaching retirement or anyone who wants to secure their financial future.

Key Takeaways:

1. Social Security as a Supplement, Not a Solution: Social Security should only be a part of your retirement plan, not the entirety of it. It's projected to cover only about 40% of what you were earning pre-retirement, and future reductions are possible.
2. The Importance of Early Investment: If you have the means, consider taking Social Security early and investing the benefits. Over time, this strategy could yield better returns than waiting for a larger monthly check.
3. Plan for the Worst, Hope for the Best: Don’t rely on Social Security alone. Create your own retirement fund by paying off debt, saving, and investing 15% of your gross income to ensure a secure financial future.

Quotes:

1. "Social Security should not be your parachute into retirement."
2. "If you want to wipe out your debt faster, you're going to do the avalanche."
3. "You cannot rely on the government or your employer to save for you; this is do-it-yourself."

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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.

video/audio credit: Fox Business