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The Conventional Social Security Strategy That Could Seriously Backfire- Season 5: Episode 11

Conventional wisdom, rules of thumb, standard advice – those are what the lazy person often resorts to when they don’t have an answer for you, or they can’t figure out what to do.  “Everyone else does it this way” is not always a good reason to pursue a strategy that may not be suitable for you and your goals.

One common piece of conventional “wisdom” is in the Social Security arena, which says that if you’ll live a long time, always take your benefits as late as possible; if you don’t think you’ll live very long, take them earlier.  This may be good advice for some, but for others, doing exactly that can cost them thousands of extra dollars in benefits that they would have otherwise been entitled to.

How do you know if following the common advice is potentially right or wrong for you? Just tune in to this week’s podcast with host Johnny Dean and his guest, “Professor” Rick Plum, CFP®, and find out. It’s all about Managing Your Financial Future!

Important Information:

The information provided should not be considered specific tax, legal, or investment advice and is not specific to any individual’s personal circumstances. To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

Different types of investments and/or investment strategies involve varying levels of risk, and there can be no assurance that any specific investment or investment strategy (including the investments purchased and/or investment strategies devised by Lucia Capital Group (“LCG”)) will be either suitable or profitable for a client's or prospective client's portfolio, thus, investments may result in a loss of principal. Accordingly, no client or prospective client should assume that the presentation (or any component thereof) serves as the receipt of, or a substitute for, personalized advice from LCG or from any other investment professional.

You should always seek counsel of the appropriate advisor prior to making any investment decision. All investments are subject to risk including the loss of principal. This material was gathered from sources believed to be reliable, however, its accuracy cannot be guaranteed.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable—we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

The information provided is based on current laws, which are subject to change at any time. Lucia Capital Group is not affiliated with or endorsed by the Social Security Administration or any government agency.

Social Security rules can be complex. For more information about Social Security benefits, visit the SSA website at www.ssa.gov, or call (800) 772-1213 to speak with an SSA representative.

Rick Plum is a registered representative with, and securities and advisory services offered through LPL Financial, a registered investment advisor and member FINRA/SIPC. The investment professionals are affiliated with LPL Financial and are conducting business using the name Lucia Capital Group, a separate entity from LPL Financial.

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