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4 expensive Social Security mistakes you don't want to make

Mediafeed Logo By Jeremy Luskin of Mediafeed | Slide 1 of 6: In a new SimplyWise survey, we asked a panel of 60 to 70 year old’s about their knowledge of specific social security rules and identified the four misconceptions that were the most prevalent.Social Security has a massive reach, with an estimated 64 million Americans having received benefits in 2019, according to the Social Security Administration. The impact is deep, with 61% of Americans age 60 to 70 viewing it as an “extremely important” source of income during retirement.Despite the significant role it plays in Americans’ lives, few have a true understanding of how social security works and how to get the most out of the program. The survey found that only one out of every eight people age 60 to 70 considered themselves “very knowledgeable.” Moreover, some of the most common misunderstandings are likely hitting seniors’ pockets in a big way.

New study reveals 4 costly social security mistakes

In a new SimplyWise survey, we asked a panel of 60 to 70 year old’s about their knowledge of specific social security rules and identified the four misconceptions that were the most prevalent.

Social Security has a massive reach, with an estimated 64 million Americans having received benefits in 2019, according to the Social Security Administration. The impact is deep, with 61% of Americans age 60 to 70 viewing it as an “extremely important” source of income during retirement.

Despite the significant role it plays in Americans’ lives, few have a true understanding of how social security works and how to get the most out of the program. The survey found that only one out of every eight people age 60 to 70 considered themselves “very knowledgeable.” Moreover, some of the most common misunderstandings are likely hitting seniors’ pockets in a big way.

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