Social Security: A Smart Part of Financial Planning

October 17, 2024 • Michael Townsend
Your Social Security contributions can total hundreds of thousands of dollars over your career. How can you make focused decisions to maximize and protect your future benefits?

For more than 89 years, almost every person who has taken home a paycheck has paid into the Social Security program. Many people rely on this benefit to help support their life in retirement. However, mistakes and misconceptions abound. On this episode, host Mike Townsend welcomes Susan Hirshman, a director of wealth management for Schwab Wealth Advisory and the Schwab Center for Financial Research, for an important discussion about the need for people of all ages to be more focused on the facts versus emotions about the Social Security system, especially when it comes to the health of the program and when and how Congress may move to shore it up for decades to come. Susan discusses how to get the most out of Social Security and how the strategies can be very different depending on your circumstances. Mike and Susan also look at some of the most common Social Security­–related scams and how to avoid them. 

And Mike provides his latest thoughts on the state of the election with less than three weeks to go before Election Day.

WashingtonWise is an original podcast for investors from Charles Schwab. 

If you enjoy the show, please leave a rating or review on Apple Podcasts.

Will government policy affect your money?

Explore more topics