Throughout 2014, the government will pay almost $863 billion of Social Security benefits to over 59 million Americans. According to the Social Security website (SSA.gov), “Among elderly beneficiaries, 52% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security.” Social Security benefits can provide a substantial amount of your retirement funds. However, many individuals struggle to grasp the basic details about this program. Some of the most commonly misconstrued facts are listed below.
First, Americans fail to understand that official retirement does not begin at age 65. Retirement ages vary slightly based on the year in which you were born. If you were born between 1934 and 1954 you can retire at age 66. If you were born after 1960, the full retirement age increases to 67.
Second, people do not realize that there is no requirement for you to be a citizen … Read More