2 Common Social Security Myths

As we enter national Elder Law Month, we believe that it's important for all seniors to be aware of their Social Security benefits and how they are distributed. Although we all are familiar with Social Security, many of us still believe some of the myths associated with it. Investopedia discusses a couple of these.

1. It's Best To Receive Benefits at Age 62. 

While this myth might be agreed upon by many seniors, it isn't necessarily the best choice to take benefits early on. Although seniors have the option of receiving their Social Security by the age of 62, it might be best in some cases to wait until reaching full retirement age (age 66 or older). However, if the individual is not in good health, receiving benefits at age 62 might be a viable option.

2. You Might Permanently Lose Your Benefits.

Many seniors believe that if they receive their Social Security benefits at age 62 and continue receiving an income that is above the $16,920 annual threshold, then they will permanently lose their benefits. However, Investopedia mentions that this is not necessarily true. While benefits are reduced if said income exceeds the threshold (Social Security takes $1 for every $2 earned above the limit) benefit reductions are just deferred and then credited back you later.

Investopedia shares more on Social Security myths. As always, we advise you to continue doing more research in order to understand which options works best for you when it comes to receiving your benefits. It's important to know that you're making the best decisions when it comes to your retirement!

To learn more, visit Investopedia: https://ow.ly/LYnE30oxB8b

?Which of these myths were you most surprised about? Share in the comments below!