September 8th, 2016 9:20 AM by Sharon Mason
3 Social Security Myths We All Need to Stop
There’s no denying that Social Security is one of the most
confusing parts of the retirement process.
Arizona retirees are often left
wondering when they should file, what’s the max amount of benefits they can
receive and much more. When approaching retirement,
acting on misconceptions, lack of information and myths will only end up
hurting you in the long run. Here are 3
Social Security myths we all need to stop believing.
1.) Once you file, you can’t change your mind: Are you an Arizona retiree that has filed for Social Security benefits, but changed
your mind or realized you need to wait? Thankfully filing for Social Security is not a one and done process. Retirees can file paperwork to undo
their application and stop their benefits within twelve months of when they
initially claimed their benefits. Your benefits will continue to accumulate
until your reclaim them in the future, however you will need to repay any Social Security that you have received
when first filed.
2.) Social Security is
untaxable: Receiving social security
benefits unfortunately does not absolve you of taxes. Social Security benefit tax is based upon combined income. Combined
income is calculated by taking your adjusted gross income plus any non-taxable
interest earned plus a percentage of your Social
Security benefit. In fact, Social Security
taxes can be taxed between fifty percent to eighty-five percent depending
on your individual or joint filing combined incomes.
3.) Social Security means instant Medicare coverage: While Arizona retirees can collect Social Security as early as age
sixty-two, the minimum age for Medicare
eligibility is sixty-five years old. So even if you claim benefits earlier,
you still have to wait until age sixty-five to enroll in Medicare and receive medical coverage.
questions about these 3 Social Security myths? Visit www.ssa.gov for more Social Security information.
And if you need help locating the perfect Arizona retirement home, please
contact Sharon Mason today.
Arizona Retirement Expert,
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