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Here are the facts on 5 damaging Social Security myths that can ruin your retirement

The article from MSN Money debunks five common myths about Social Security that could potentially harm one's retirement planning. Firstly, it addresses the myth that Social Security will not exist in the future, clarifying that while the program faces funding challenges, it is not expected to disappear entirely. Secondly, it tackles the misconception that Social Security benefits are not taxable, explaining that depending on one's total income, a portion of benefits can indeed be taxed. Thirdly, the myth that Social Security alone can provide a comfortable retirement is debunked, emphasizing that it was designed to replace only about 40% of pre-retirement income, necessitating additional savings. Fourthly, the article refutes the idea that one should always claim benefits as soon as they are eligible at age 62, highlighting that waiting can significantly increase monthly benefits. Lastly, it discusses the myth that Social Security benefits automatically adjust for inflation, noting that while there are cost-of-living adjustments (COLAs), these do not always keep pace with actual inflation rates, particularly for healthcare costs. The piece encourages readers to understand these facts to better plan their retirement strategy.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/here-are-the-facts-on-5-damaging-social-security-myths-that-can-ruin-your-retirement/ar-AA1wxIMj ]