3 Social Security Facts Most People Don't Know
Social Security benefits can potentially make or break your retirement, and a significant number of retirees depend on their monthly checks just to get by. In fact, roughly half of unmarried beneficiaries and around one in five married couples rely on their benefits for at least 90% of their income, according to the Social Security Administration.
Your benefits aren't designed to be your sole source of income in retirement (they're really only intended to replace around 40% of your pre-retirement income), but if your savings are slim, you might have no choice but to depend on your benefits to make ends meet. Even if you do have a robust retirement fund, it's still smart to maximize your monthly checks.
To make the most of your benefits, it's vital to understand the factors that affect how much you receive each month. But there are several things most people don't know about Social Security benefits, and not having a good grasp on these three concepts could cost you in retirement.
Source Fool.com
