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11 Myths About Social Security Finally Debunked

October 14, 2019 · Saving & Spending

 ‘You should collect benefits as soon as possible.’

People who are awfully interested in nothing but investing are the ones who perpetuate this myth. They claim that instead of letting your money sit you should start perusing the market. Oftentimes, they’ll cite more scary reasons as well, like claiming that the benefits will just disappear and that the best way to protect them is to use them as soon as you can. 
It’s true that some households might need to collect earlier than others, but if you can hold off, you should. Retirees who claim as early as 62 will see a penalty, meaning that they’ll receive only 75% permanently. 
A lot of debate around the program has people worried but rest assured, you’ll still earn more money if you wait until you’re 70. 
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