Nearly nine out of 10 seniors 65 and older receive Social Security benefits, and more than a third of them rely upon it for more than half their income. So, you'd think that Americans would be pretty familiar with how the program works. But there are a shocking number of misconceptions out there.

This is a problem because failing to understand the ins and outs of Social Security could cause you to make costly mistakes, like signing up at the wrong time or skipping Social Security altogether because you don't think you qualify. We're going to clear up three of the top misconceptions as outlined by a recent Mass Mutual survey right now.

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Source Fool.com