3 of the Most Outrageous Social Security Myths You'll Hear
There's a good chance Social Security will end up being an important source of income for you during retirement, so it's important to understand how the program works -- and that includes not buying into some of the biggest misconceptions about it. Here are a few dangerous myths you must get to the bottom of.
Many people assume that Social Security pays a single, universal benefit to seniors who are eligible for it. Not so. Your benefit will be calculated based on your unique earnings history -- specifically, your average monthly wage, adjusted for inflation, over your 35 most profitable years in the workforce. It's for this reason that boosting your income during your career is crucial. Not only will it put more money in your pocket initially, but it could also result in a higher monthly payout from Social Security throughout your retirement.
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Source Fool.com
