Social Security is arguably our nation’s most important social program. Each month, it provides a benefit to more than 62 million people, many of which are retired. According to a 2016 analysis from the Center on Budget and Policy Priorities, this guaranteed monthly payout keeps an estimated 22.1 million beneficiaries out of poverty, including more than 15 million retired workers. It’s just that important.
Yet, in spite of its significance, Social Security knowledge is often lacking. Whether you’re a young worker who may not even be eligible for a Social Security retirement benefit for four more decades, or you’re a baby boomer nearing the eligible claiming age, there’s a pretty good chance you don’t understand the program as well as you should. And as the old adage goes: What you don’t know can cost you.
With that being said, there’s a pretty extensive list of things everyone should know about Social Security if they want any shot of maximizing what they’ll receive from the program. What follows are 20 of those must-know things.
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