For many Americans, Social Security is the largest source of income in retirement. Despite that, there is still a lot of confusion about how benefits work. Basing your claiming strategy on bad advice can lead to lower lifetime benefits and unexpected taxes. Here are five common Social Security myths you should understand before claiming benefits.

It’s difficult to overstate how important Social Security benefits are to retirees in the United States. Consider the following: Social Security benefits typically replace about 40% of pre-retirement income for average earners. The system provides inflation-adjusted benefits to over 70 million Americans. 50% of the senior population rely on Social Security for at least half of their income.