More Social Security Myths Debunked

Tom Margenau clears up twelve common misconceptions about Social Security in the latest edition of his column, “Social Security And You:”

Here’s a holiday gift for my readers. You’ve heard of the 12 days of Christmas, right? Well, here are 12 of the most common misconceptions about Social Security, cleared up for you in one neat little package.

And please note that these are myths involving one’s eligibility for Social Security benefits. I’ve spent many past columns clearing up the gads of historical, political and policy myths (make that outright lies) about Social Security that are circulating on the Internet.

Myth 1: Your Social Security benefit is based on your highest 10 years of earnings.

Fact: A Social Security retirement benefit is based on your average inflation-adjusted monthly income using a 35-year base of earnings.

Myth 2: If you stop working or start working part-time a few years shy of your Social Security eligibility age, your benefits will be severely reduced because you have limited or even “zero” earning years just before you claim your Social Security.

Fact: Because your benefit is based on a 35-year base of earnings, the impact of some years of reduced or even no earnings is greatly lessened. Your eventual Social Security benefit won’t be as high as it would have been had you kept working full time right up to your retirement date. But you shouldn’t lose too much sleep over the relatively minor impact of early retirement on your Social Security checks.

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Joe Biden
President Joe Biden

Last week,The Economist's presidential polling average set in motion a reevaluation of the general election when President Joe Biden pulled ahead of Donald Trump for the first time since September 2023.

Keep reading...Show less
Alex Jones

Alex Jones

At a press conference on Tuesday, March 26, Maryland Gov. Wes Moore told reporters that there was no sign of terrorism or foul play in the collapse of Baltimore's Francis Scott Key Bridge — which had been struck by a freighter. According to Moore and the Biden White House, there was no indication that it was anything other than a tragic accident.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}