Good morning. Welcome back to the retirement report.
I'm Hank Parrot, your host.
All right. Again, I'm going to be doing this program
on Social Security taxes,
some of the stuff we've been covering this CURE act,
important legislation that affects you in your retirement and in
particular also with regard to estate planning.
And one of the things you know the safety obvious.
Social Security is not meant to be the only source
of income in retirement.
In fact, you may question will Social Security be enough
to live on in retirement?
And for most the answer would be no.
OK, it's not there are some exceptions,
but again and if you're one of them,
God bless you. One of the things that I would
recommend though is you know this is is having additional
sources.
So of course our retirement accounts are a big part
of that.
Are we going to continue to work in retirement in
some fashion?
All of that can come into play,
rental properties, a lot of different income sources.
So I'll get into more in the workshop about what
is Social Security,
the history of Social Security,
you know, this is understanding when Social Security started,
you know, back in 1935.
What the goals were then and how it's changed over
the years and of course taxes in your Social Security
benefits,
understanding those and I'll you know,
will Social Security be there for you.
You know, this is one that we get asked quite
a bit and I'll go into more detail at the
workshop about my expectation is yes,
there will be, but there will be changes and we'll
talk about what those are,
what the funding is and what what kind of things
are going to need to change to protect you.
You know, when it comes to all of the topics
we're going to cover,
whether it's how to maximize your Social Security benefits,
how to minimize taxes is one way of course,
to maximize the benefit. If I get 40,000 in Social
Security benefits and I turn around and I have to
give back,
I don't know, 8000 of that,
let's say in taxes, my net net is 32.
So if I want to,
if I can reduce the taxes down,
I can improve the amount,
net, net that I get to keep.
And that's the goal. More money for you,
more money for your family,
less for the IRS. That's the ideal,
right?
You know, being a good steward means that we want
to be responsible with our money.
We want to understand how it works.
We want to look for these different strategies we can
employ to maximize those those that money that you've worked
so hard for all your lifetime.
So whatever God's blessed you with making the most of
it is,
is our goal as well.
Hope this has been helpful for you and that you'll
join us here each and every week on the retirement
report.