According to The Christian Science Monitor, some of the most common myths about Social Security include the following:
1. Social security funds are running out, so I should collect as soon as possible. For each year that you hold off on collecting Social Security after reaching full retirement age –which is typically age 66–you will get an eight percent increase in benefits. So waiting until you are 70 to collect benefits means about a third more income.
2. I will be able to live comfortably on Social Security alone. The average Social Security payment to a retired worker is around $1,234 per month. So unless you’re prepared to supplement Social Security with savings, pension, or extra income, you will not live well on Social Security alone.
3. The more money I make now, the more I will get back later. Social Security’s progressive benefits formula favors low-income workers.
4. Social Security is only for the retired. The program provides benefits for disabled workers of all ages, and it also provides survivor benefits to dependents of workers who pass away.
5. Qualifying for Social Security disability is easy. Some applicants have to wait two years or longer for a resolution of their claim.
We will continue with the other three Social Security myths on Friday’s blog.
If you or someone you know needs help with benefits, contact the disability lawyers at Fleschner, Stark, Tanoos & Newlin.
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