Expert Reveals the 'Biggest Myth' About Social Security That Leads People to Claim Benefits Too Early, Costing Themselves in Retirement Income
Experts advise that concerns over the sustainability of Social Security should not be the main factor leading individuals to claim their retirement benefits as soon as they reach the minimum eligibility age of 62. Those who opt to wait until age 70—eight years later—for their benefits will receive the highest payout; however, delaying just a few months can still be advantageous. A recent Social Security report demonstrated that a robust economy has aided the program. Still, Social Security's trust funds It might run out within the next ten years, should no alterations occur beforehand. A lot of Americans fret excessively over the fear that their benefits might vanish. "The most significant misconception regarding Social Security is that once the trust fund depletes, the program will cease to exist entirely," stated Emerson Sprick, who serves as the associate director for the economic policy program at the Bipartisan Policy Center. Should ...