Social Security benefits are crucial in retirement, but misconceptions can lead to financial woes. Expect to pay taxes on your benefits based on “combined income.” A financial advisor can help maximize benefits and reduce tax burdens. Advisors like Advisor.com offer free consultations to guide your retirement planning. Don’t rely solely on Social Security; invest wisely to maintain your lifestyle.

To maximize Social Security benefits, consider delaying retirement, increasing pre-retirement income, checking records for errors, and exploring family benefits. The average monthly benefit for retirees was $1,978.77 in Jan. 2025. Invest in a gold IRA for tax advantages and protection against economic uncertainties. Get a free guide to learn more about gold IRAs and potential bonuses on qualifying purchases.

If your spouse passes, you won’t receive double Social Security payments. Consider life insurance to offset income losses. Ethos offers term life insurance up to $2 million with flexible terms. Get a free quote online to find the right policy for your needs. Stay informed with Moneywise to make smart financial decisions. Subscribe for weekly updates.

Read more at Yahoo Finance: Here are the facts on 5 damaging Social Security myths that can ruin your retirement