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Money Talks News: 8 Social Security Myths Exposed

Myth: Social Security funds are running dry, so I should collect as soon as possible

The most recent government-issued report projects that Social Security will run out of funding by 2033. This is earlier than previously expected, but doesn’t necessarily mean Social Security will be gone in 20 years. It means system revenues won’t be capable of paying 100 percent of promised benefits under the law. The Social Security Administration estimates that benefits could be reduced by 22 percent at that point and may continue to decline if Congress doesn’t intervene.

Meanwhile, an increasing number of Americans are taking Social Security at the minimum age of 62, according to SmartMoney. But experts insist that it pays to wait. For each year you hold off on collecting Social Security after reaching full retirement age – which is typically age 66 for baby boomers – you’ll get an 8 percent increase in benefits. So waiting till 70 means about a third more income.

(iStock)

More from Money Talks News:
5 Things to Consider For a Less Taxing Retirement
How to Replace Lost, Stolen, or Destroyed Personal Paperwork
Ask Stacy: Is It Too Late for a Happy Retirement?



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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