Avoid These 5 Social Security Mistakes This Season!

Photo by Dmytro Zinkevych from shutterstock.com

4. Deciding to ignore the taxes

In most states, Social Security benefits are being taxed. How much you have to pay for those taxes depends entirely on how much you make. A lot of Americans seem to think that only rich people or those with a generous income have to pay taxes for it, but the truth is no one gets away with it.

Make sure you pay your taxes on time for your benefits and other types of income you may be having.

5. A premature divorce or remarrying

Sounds a bit strange, but divorcing can ruin your retirement strategy and Social Security maximization plan. To be more specific, if you have been married for less than 10 years and you get divorced, you won’t be eligible for Social Security spousal benefit.

It can get worse if one of the spouses didn’t work. If you do qualify for benefits, but remarry, you will lose your spousal benefits from the previous marriage.

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