The Government Accountability Office has discovered in an overwhelming number of cases the Social Security Administration (SSA) is give out bad advice. In other words, when you go to your Social Security office it is highly probable that you will receive incorrect or misleading information. What the study also found was that the SSA failed to give key information that people would need to make an informed decision.
The mistakes being made have cost the Americans thousands and tens of thousands in lost benefits. Laurence Kotlikoff who is a professor at Boston University is considered one of the foremost experts on Social Security in our nation. He has written the popular book on Social Security that is called, Get What’s Yours. If you are nearing retirement or if you have loved ones nearing retirement or even if you hope to one day retire, you should get and read his book. Professor Kotlikoff also created the website, www.maximizemysocialsecurity.com. It is a great resource and a website you should visit. All though I cannot prove it, I am confident in saying his website has prevented many people from making terrible mistakes when claiming Social Security benefits. Professor Kotlikoff commenting on the GAO study said “This (referring to the GAO study) is a strong criticism, but it doesn’t begin to suggest the magnitude of Social Security’s mistakes.”
A few questions to consider:
1) How can you make good/informed decision about your future based on faulty or absent information?
2) Knowing you are getting faulty information from the SSA wouldn’t it be prudent to get a second opinion say from Professor Kotlikoff’s website?
3) Most Americans believe Social Security will not be around when they retire, what is your back up plan?
4) If it were possible to have your car payment also increase your savings for retirement when would you want to know about it?