Social Security Sends Warning To Update Your Online Account (#356)
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In this episode of Financial Advisors Say The Darndest Things, host A.B. Ridgeway dives into the important changes coming to the Social Security Administration's online portal and what Social Security recipients need to do to stay informed. Whether you are nearing retirement, currently receiving benefits, or assisting a loved one with their finances, understanding these updates is crucial to safeguarding your financial future.
Key Takeaways:
- Update Your Social Security Account: If you registered for a My SSA account before September 18, 2021, you must update your login credentials. New users need to register through either login.gov or ID.me.
- Plan Ahead for Retirement: Social Security may see benefit cuts by 2035, making it essential to prepare alternative sources of income. Don't rely solely on Social Security—be proactive with your financial planning.
- Break-Even Analysis: Determining when to take your Social Security benefits is key. Understand your break-even point to decide whether to take benefits early or delay them for a higher payout.
Quotes:
- "Social Security shouldn’t be your golden parachute. We need to be proactive, not reactive, with our retirement planning." — A.B. Ridgeway
- "If you wait until 70, you're getting up to 8% extra per year. These are benefits that are indexed for inflation, making Social Security a valuable source of income." — Jill Schlesinger
- "We cannot rely on the government to save us. Start early, plan your retirement, and make informed decisions." — A.B. Ridgeway
For more in-depth financial guidance, download A.B. Ridgeway’s Four Pillars to Christian Investing or book a free consultation through the link in the description.
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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: CBS Morning
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