Here's what you need to know about claiming Social Security retirement benefits

Here's what you need to know about claiming Social Security retirement benefits  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  VIEW IN BROWSER | SUBSCRIBE WED, AUG 26, 2020 YOUR WEALTH Editor's Note Social Security is the most popular retirement plan for millions of Americans. It's a safety net that they simply cannot live without. However, with its thousands of convoluted and intertwined rules, it's poorly understood by millions of Americans — especially those who are deciding when to claim their benefits. Knowing when to collect those benefits and understanding the system's complex rules can be overwhelming. Even a small mistake could end up costing you a great deal of money for the rest of your life. There is a serious need for people to become better informed about the benefits to which they are entitled. If you are a few years away from retirement, now is the time to do your homework and learn how to maximize your Social Security benefits. Some little-known strategies could boost your household's benefits. The Social Security Administration website offers extensive material online at Blog.ssa.gov to help people sort through some of the complex issues associated with claiming benefits. For more key stuff like this, please follow me on Twitter @jimpavia and check out CNBC's Financial Advisor Hub and CNBC + Acorns Invest in You: Ready. Set. Grow. Join CNBC Events at the next @Work CFO Spotlight on Sept. 23, where finance leaders discuss striking the balance of weathering the storm while planning for the future. Featured guests include former CFOs from Coca-Cola, Gilead, Goldman Sachs and more. Learn more by clicking here. Jim Pavia @JIMPAVIA Here's what you need to know about claiming Social Security retirement benefits Deciding when to start receiving Social Security benefits in retirement is a high-stakes decision that has become more complicated amid Covid-19. Avoiding these blind spots can help ensure you're planning correctly and will make the right decision when the time comes. The payroll tax holiday will kick off in two weeks. Your employer isn't ready The clock is ticking on the start of the employee payroll tax reduction that President Trump has issued via an executive order. Businesses and payroll providers are concerned it will be hard to put it into effect by Sept. 1. Prospect of a second stimulus check have you dreaming of a vacation? Not so fast, say financial advisors A recent survey by IPX 1031 found that nearly 50% of Americans would consider using a second government stimulus check to take a vacation. Financial advisors say not so fast — there might be better ways to use that cash. 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