Nov 19, 2018
In this episode of Inside the Plan, Bill Bush and Andy
Bush, Advisors at Horizon Financial Group give us more information
about social security. They talk about what social security is and
what we can do about it.
- 1:00--- Social Security was taken for people to take at 62 when
life expectancy was 58. IT was a source of emergency income.
- 1:52--- Myth: Social security is predicted to be depleted by
- 2:20--- Legislation needs to be made to correct the
shortcomings of Social Security.
- 4:00--- Be sure you know what your full retirement age is.
- 4:40--- You do not have your own social security account. All
you are getting is income benefit.
- 5:52--- You can't guarantee what the market will be but you can
guarantee you will receive social security.
- 7:00--- If you take social security early while you are still
working, the amount you take will be diminished. If you take it at
your full retirement age and take social security while working,
your amount won´t be reduced..
- 9:00--- You can look online to see what you benefits will be a
3 Key Points:
- Social Security was created many years ago (when life
expectancy was 58) to act as an emergency source of money for
- Social security could be reduced by 2034 if no legislative
action is taken.
- You can look at your benefits and full retirement age at
- “The full retirement age
for most people now is 67.” –Bill.
- “You don´t have your own
account. You are paying for the generation that is retiring now”
- “It is going to pay a
- “You need to think about
how you are going to pay for things in the future.” –Bill.