3 Social Security Myths -- Debunked!
Social Security is a complicated program, and it's easy to get confused about some of its more difficult-to-understand provisions. In particular, there are a few aspects of Social Security that many older Americans believe will take away a large portion of their benefits. In most cases, even when provisions of the program have a negative impact on your benefits, the size of that impact isn't as large as you might fear.
Let's look at three particular parts of Social Security that trip up many benefit recipients along with a more detailed explanation of how they actually work.
Social Security is generally designed to replace income in retirement, but many people start taking Social Security before they retire. You can claim your benefits as early as age 62 regardless of whether you're still working, but there are provisions that require you to forfeit some or all of your benefits if you earn above a certain amount. However, the amounts involved are relatively high, and they also come with compensation that most people don't realize.
Source: Fool.com
