[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/social-security-myths-can-create-problems-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/social-security-myths-can-create-problems-new-york-ny-greenwich-ct\/","headline":"Social Security Myths Can Create Problems","name":"Social Security Myths Can Create Problems","description":"More than half of seniors file early for benefits. Some people may find it necessary to file for Social Security because of circumstances, such as a job loss. However, it is really important to make sure you are making your decisions based on facts rather then myths, according to the Washington Post in “Don\u2019t believe […]","datePublished":"2019-07-18","dateModified":"2023-07-29","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4bca0d3.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b0240a4bca0d3.jpg","height":1067,"width":1600},"url":"https:\/\/www.amorusolaw.com\/blog\/social-security-myths-can-create-problems-new-york-ny-greenwich-ct\/","about":["Social Security","Surviving Spouse"],"wordCount":560,"keywords":["Full Retirement Age","Social Security","Surviving Spouse"],"articleBody":"More than half of seniors file early for benefits.Some people may find it necessary to file for Social Security because of circumstances, such as a job loss. However, it is really important to make sure you are making your decisions based on facts rather then myths, according to the Washington Post in “Don\u2019t believe these Social Security myths“.Some people have no choice and must take their benefits early because they\u2019ve lost their job and have no savings. Others have better options, but they aren\u2019t aware of them. That\u2019s because of the many myths about Social Security. A survey found that while 77% of Americans thought they were pretty smart about Social Security, 95% couldn\u2019t answer eight basic questions about the program.Let\u2019s look at these myths.It doesn\u2019t matter when I take Social Security. Benefits increase by about 7% every year from age 62\u00a0 to your full retirement age, and then by 8% each year between full retirement age and 70. This is a planned adjustment to ensure that people who opt for a larger check for a shorter period don\u2019t receive more than those who file earlier and receive smaller checks. It\u2019s better to delay, both for the larger check and the benefits that the surviving spouse receives. People who live longer can run out of savings, so having a larger check in your 90s could make a huge difference.If I don\u2019t expect to live a long time, I should claim benefits early. Most of us underestimate our life span. A 65-year-old man today can expect to live to 84, and a 65-year old woman can expect to live to 86.5. Life expectancies are even longer for those in their mid-50s. However, here\u2019s the thing: even if one spouse doesn\u2019t live as long, by taking Social Security earlier, their spouse will have a smaller benefit. Married couples lose one of their checks when the first spouse dies, causing a big drop in income. The survivor receives the larger of the two checks the couple was receiving. Therefore, the higher earner in a couple whose check will be larger should delay taking benefits, if at all possible, to benefit the surviving spouse.I can claim benefits early and invest the money to come out ahead. No investment today offers a guaranteed return as high as what can be obtained from delaying benefits. You\u2019d have to take a lot of risk to get close to the 7% or 8% guaranteed by Social Security.As soon as I stop working, I have to file for Social Security benefits. Not true. You don\u2019t have to file for Social Security benefits until you want to. Even delaying four years, from 62 to 66, can translate into a sustainable 33% increase in your standard of living.I better apply before Social Security runs out of money and closes down. This myth becomes more widespread every year. If Congress doesn\u2019t act, which is unlikely, by 2035, the system will still be able to make payments, although they may be curtailed by 20%. Eighty percent of your Social Security check is not zero. It\u2019s more than likely that Congress will address Social Security fixes.Reference: Washington Post (June 10, 2019) “Don\u2019t believe these Social Security myths”For more information on elder law, retirement planning and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Social Security Myths Can Create Problems","item":"https:\/\/www.amorusolaw.com\/blog\/social-security-myths-can-create-problems-new-york-ny-greenwich-ct\/#breadcrumbitem"}]}]