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For a government program, Social Security is complex. There are many rules and just as many misconceptions. Fidelity debunks five common social security myths. We list the myths below. You can read why they are incorrect by following the link below.
Myth #1: You must claim your Social Security benefit at age 62
Myth #2: You can claim early, then get a “bump up” once you reach full retirement age
Myth #3: Your monthly Social Security benefit could be reduced or denied if your ex-spouse claims Social Security in a certain way
Myth #4: Your benefits are only based on wages that you’ve earned before age 65
Myth #5: You’ll never get back all the money you put into the program
You can read all of the details here.
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Jeremy Jones, CFA
Jeremy Jones, CFA is the Director of Research at Young Research & Publishing Inc., and the Chief Investment Officer at Richard C. Young & Co., Ltd. Jeremy is a contributing editor of youngresearch.com.
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