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Social Security myths you need to watch out for

GOBankingRates Logo By Sabah Karimi of GOBankingRates | Slide 1 of 11: <p>Millions of Americans rely on Social Security earnings in retirement for financial support. If your golden years are far off in the distance, you might not give a second thought to <a href="https://www.gobankingrates.com/investing/buy-average-social-security-check/">Social Security and what the program means for you</a>.</p><p>But that can be a mistake. If you don't understand Social Security now, you could be in for some unfortunate surprises after you stop working.</p><p>For starters, the program might not be as healthy as you think. "Many estimates have the Social Security Trust Fund exhausting around 2034,” said Peter Donohoe, a Boston-based financial consultant at Citizens Investment Services.</p><p>While experts are hopeful politicians eventually will act to shore up the system, there are no guarantees. So, to be safe, it's wise to make some smart money moves now that could put you in a better financial position when you retire.</p><p>Discover 10 things everyone gets wrong about Social Security — and <a href="https://www.gobankingrates.com/investing/30-important-things-before-retire/">the truths you need to know to prepare for retirement</a>.</p>

With Social Security, what you pay isn't always what you get

Millions of Americans rely on Social Security earnings in retirement for financial support. If your golden years are far off in the distance, you might not give a second thought to Social Security and what the program means for you.

But that can be a mistake. If you don't understand Social Security now, you could be in for some unfortunate surprises after you stop working.

For starters, the program might not be as healthy as you think. "Many estimates have the Social Security Trust Fund exhausting around 2034,” said Peter Donohoe, a Boston-based financial consultant at Citizens Investment Services.

While experts are hopeful politicians eventually will act to shore up the system, there are no guarantees. So, to be safe, it's wise to make some smart money moves now that could put you in a better financial position when you retire.

Click ahead to discover 10 things everyone gets wrong about Social Security — and the truths you need to know to prepare for retirement.

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