Busted! Stop Believing These 7 Social Security Myths

social security
Photo by Dmytro Zinkevych From Shutterstock

1.The Social Security retirement age is 65

When Social Security was created in 1935, 65 was set as the age of eligibility. But in the meantime it was lowered to 62. Still, 65 remains the standard for full retirement. The 65 threshold is a longtime Social Security truth that became a myth. 2002 was actually the last year in which people turning 65 could claim their full benefit.

You have to keep in mind that the age when a worker qualifies to file for 100 percent of the benefits calculated from lifetime earnings is 66 and two months for people who were born in 1955 and 66 and four months for people who were born in 1956.

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