A recent CNBC post discusses five common myths about Social Security retirement claiming and the truths behind them.
- Myth 1: Claiming early to get the most benefits before Social Security runs out of money. Truth: Waiting to claim will result in higher benefits and more income security.
- Myth 2: Using the break-even age to decide when to claim. Truth: The break-even age does not account for other factors such as longevity risk, spousal benefits, or taxes.
- Myth 3: Claiming early to get the benefit of a high cost-of-living adjustment. Truth: Cost-of-living adjustments are applied to projected benefits regardless of when