One common misconception is that Social Security is on the brink of bankruptcy. Three-quarters of adults (aged 50 and older) surveyed by Nationwide Retirement Institute worry the program will run out of funding in their lifetimes, and nearly one-quarter doubt they will ever see a dime in retirement benefits.

Those beliefs have no basis in fact, but they are understandable. The Social Security program is dealing with a serious financing problem that could lead to hefty benefit cuts in 2034, and that possibility has prompted many workers to consider claiming early.

Is that the right decision?

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Source Fool.com