Don't Let Social Security Rumors Drive You to Claim Benefits Early
Social Security's financial woes aren't a secret: The program may have no choice but to cut benefits as early as 2035 if its impending funding shortfall isn't addressed. But contrary to the rumors that abound about Social Security's demise, the program is actually in no danger of going away completely. And if you're thinking of filing for benefits early in the hopes of snagging some income from it while you can, you may end up regretting that move for a long time.
Social Security collects its revenue from a number of different sources. First, there's the tax you pay on your income. Next, there's the tax retirees pay on their benefits, which applies to seniors with moderate incomes or higher. Third, there's the interest income generated by investing Social Security's trust funds.
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Source Fool.com
