4. An unknown Social Security benefit
Your Social Security check shouldn’t be ignored, even if you don’t rely on it when it comes to your financial obligations. If you’re like the vast majority of people and haven’t estimated yet how much your benefit will be, the Social Security Administration provides a handy tool to help you make that calculation.
Certified financial planner, David Walters says that if you haven’t actually reached full retirement age for Social Security—the age at which you can enjoy your maximum Social Security monthly benefit—you might want to postpone retirement until you do.
If you start claiming and therefore collecting Social Security as early as age 62, your monthly checks will actually be 30 percent smaller than if you wait until you reach full retirement age.
So, if you decide to work those 4 or 5 extra years, not only will you collect a larger payment each month just for waiting, but you might further maximize your payment by adding more high-earning years to your benefit calculation.
