According to retirement advisers there are many misconceptions that people have about Social Security and when to claim benefits from the program. There are many important factors that people need to consider before deciding to claim Social Security benefits. This article explains some of the most common myths about Social Security. It is a myth that people should claim early before they reach their full retirement age. People will not automatically pay less in taxes if they claim early benefits. Many of the concerns that people have about the sustainability of Social Security are also unfounded. This article also discusses the misconceptions that people have about the Social Security breakeven point. It discusses why people do not need to maximize monthly benefits. This article provides plenty of resources that people can use to learn more about Social Security and how it will impact them.
See Janet Levaux, 9 Social Security Myths Worth Busting, Think Advisor, March 29, 2016.
Special thanks to Jim Hillhouse for bringing this article to my attention.
