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4 Life-Changing Facts About Social Security Benefits
Trevor Jennewine explains that the vast majority of retired workers depend on Social Security benefits, but many are misinformed about aspects of the program. Common misconceptions involve early retirement penalties, the amount of income provided by Social Security, and the depletion of the Social Security trust fund. He says these are the four life changing facts everyone must know and understand: 1. Starting Social Security benefits early results in a permanent penalty; 2. Social Security benefits typically replace 40% of pre-retirement income; 3. Social Security benefits receive an annual cost-of-living adjustment (COLA) and cannot go down; 4. Social Security benefits will not disappear, though reform is needed to prevent cuts that would begin around 2032-34. Full piece here.