Social Security helps millions of seniors stay afloat financially once they retire. But without a clear understanding of how the program works, you could be in for some unpleasant surprises once you come to rely on those benefits. Here are three misconceptions you’ll need to get straight.
Your Social Security benefits are calculated based on how much you earned during your working years. Once you reach your full retirement age, you’ll be able to collect your benefits in their entirety. Your full retirement age is determined by your year of birth, as follows: