3 Social Security Myths to Be Wary Of

With the controversy that has been generated with Social Security over the last few years, Americans have been in doubt, thanks to the myths that have been floating around.

It’s also likely that with the 2728 rules and the way they are interpreted, there’s bound to be more confusion among those who are entitled to Social Security.

So, here are 3 Social Security Myths to be wary of:

#1: I should be able to live comfortably on Social Security benefits alone

Unfortunately, if you plan your life based on this unrealistic expectation, you will find yourself in a tight spot. Reason being: the average payment to retired workers is about $1234 per month – and that’s just above the federal minimum for a month’s wages.

#2: I’m eligible for Medicare as soon as I begin to collect Social Security benefits

Truth be told, Americans are eligible for Social Security at the age of 62 but they can only collect Medicare benefits once they’ve reached the age of 65. However, there is one exception: if you are currently collecting Social Security Disability, your Medicare coverage kicks in two years automatically.

#3: Qualifying for Social Security Disability Insurance is Easy

Even though it might seem as if it is easy to be covered by Social Security Insurance Disability with only about 8 million Americans availing of these benefits, nothing can be further from the truth. It’s been a decade since applications are up by 50% with some applicants having to wait for two years or longer. It’s a good idea to get acquainted with tips on qualifying for disability benefits before applying.