Four ways retirees botch their Social Security benefits

You have one source of guaranteed income in retirement. Try not to mess it up.

Though Social Security replaces up to 40 percent of preretirement income for average earners, misconceptions about how the program works continue to persist.

Indeed, nearly 3 in 10 retirees said their Social Security payments are less than expected, according to a survey conducted by Nationwide Retirement Institute.

The poll of 1,013 adults over age 50 also found that 57 percent of participants who are still working believed they were eligible for Social Security sooner than they actually are.

That’s just one of the common errors soon-to-be retirees make when it comes to claiming Social Security, said Marguerita M. Cheng, CEO of Blue Ocean Global Wealth in Gaithersburg, Maryland.

She highlighted four major mistakes workers make with this crucial retirement-income program.

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