Most retirement advice focuses on how to save enough money for your later years and how to make the best use of your pension (if you’re lucky enough to have one). For many Americans, however, the most confusing part of retirement planning is their Social Security benefits.
When it comes to Social Security, Americans certainly plan on tapping it. More than half of Americans intend to fund their retirement with their Social Security payments – making this government entitlement program more popular as a funding source than 401(k)s, pensions or investment portfolios, according to a recent survey by ShareBuilder by Capital One.
Taking Social Security benefits at the right time – which will vary for people depending on their situation – can be worth hundreds of thousands of dollars throughout a lifetime. For many people, it’s the only retirement income stream designed to increase with inflation.
Still, misperceptions about the benefits persist. Here’s the truth about six common Social Security myths:
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