4 Social Security Misunderstandings That Could Cost You
Millions of seniors rely on Social Security to pay the bills in retirement, but if you're not familiar with the program's ins and outs, you'll be less equipped to claim benefits strategically. Here are a few common myths about Social Security that could negatively impact your retirement if you don't get your facts straight.
Your Social Security benefits are calculated based on your earnings record. Specifically, your top 35 years of earnings are averaged and adjusted to come up with a monthly payment amount you'll be eligible for upon reaching what's known as full retirement age. Your full retirement age is based on the year you were born, as follows:
Year of Birth
Source: Fool.com
