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Podcast: Financial Residency
Episode: Financial Vitals: Should You Incorporate Social Security Into Your Planning Projections
Description: In this discussion, we will be exploring the topic of social security and its importance in financial planning. There are often misconceptions surrounding social security, leading to negative perceptions about its funding and benefits. However, it is crucial to consider the potential advantages and whether it should be included in one's planning. For individuals with above-average incomes, such as physicians, it is likely that a significant amount will be contributed towards social security throughout their careers. Currently, the income threshold for contributions is set at $160,200 in 2023. Both employees and employers are required to contribute 6.2% each, totaling 12.4% of...