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Common Mistakes About Social Security

A recent poll found about half of respondents made mistakes on the following :

1. Retirement benefits will not be reduced if I claim at age 65 => FALSE. Full retirement age is rising.

2. A spouse can receive Social Security even if they have no earnings history => TRUE

3. If my spouse dies, that will have no effect on my Social Security payment => FALSE

4. Social Security benefits depend only on my earnings history, not when I claim => FALSE


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Suze Orman's Advice to Delay Social Security Benefits Until Age 70 is Too Broad

Noted financial adviser Suze Orman says most folks should begin Social Security retirement benefits at age 70.

However, this is poor advice if you're in poor health or if you're a notably lower-earning spouse relative to your husband or wife. Ideally, the spouse with the substantially higher lifetime earnings will let their benefit accrue at 8% per year until age 70.

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Not affiliated with the US Social Security Administration