What Financial Planners Wish You Knew About Social Security

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Only about 1 in 8 adults know when they’ll be eligible for full retirement benefits through Social Security, according to the Nationwide Retirement Institute 2023 Social Security Survey. And compared to 2014, fewer people age 50 and up now know whether they may be eligible for Social Security benefits based on an ex-spouse’s record (they may) or if Social Security may offer benefits for their spouse or children (also yes).

For a program that’s been around for nearly 90 years, there’s still a lot of confusion about how it works. Here are some of the Social Security topics financial pros find are often misunderstood.

Working Might Mean a Smaller Social Security Check

If you claim Social Security before you hit full retirement age (66 to 67, depending on when you were born) and you’re still earning income, you’ll lose some of your Social Security benefits if your earnings go over a certain threshold.