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To maximize your Social Security benefits and those of your spouse, you’ll want to be aware of some common myths.

Here’s one: You should always take Social Security early. In reality, there’s no one age that works for everyone – it just depends on your situation. You can collect your benefits starting at 62, but you could get much more if you wait until your full retirement age, which will probably be between 66-67.

Another myth: Your Social Security payments won’t affect your spouse’s benefits. Actually, your benefits could greatly affect what your spouse receives, particularly his or her survivor benefit.

One last myth: You can’t work during retirement and collect Social Security. You can work, but some or all of your benefits could be withheld, depending on your age and how much you earn. So, if you are planning to continue working, contact Social Security to learn how earnings could affect benefits.

Here’s a final word: Social Security probably won’t be enough to meet all your retirement income needs – so, throughout your working years, contribute as much as you can to your IRA and 401(k).

This is Peter Doyle, your Edward Jones financial advisor at 49 Main St., Amesbury, MA 01913. 978-388-1370. Visit my website to learn more about my background.

*This article was written by Edward Jones for use by your local Edward Jones Financial Advisor.

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