Social Security Myths

There are a number of misconceptions about Social Security. An article on clarifies four of them. Social security concept

They are:

  • You should start collecting early. This is wrong. If you take benefits starting at age 62 or anytime before 66, your benefits will be permanently reduced. Best to wait until 66 if you can.
  • Your money goes into an account for you. Not true. The money goes into one big account and is used to pay current recipients. When it is time for you to collect, others will be paying for you.
  • Social Security is going to run out of money soon. The fund is due to run out of money  in 2034, but it is unlikely Congress would let that happen.
  • If you haven’t worked, you can’t collect. This is true if you haven’t worked outside the home, but you may be able to collect based on your spouse’s work record.

If you have questions about elder law, feel free to contact us for a consultation at (626) 696-3145.

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