When we reach our golden years, usually, most of our income depends on social security benefits. Having said that , it’s actually very common for retirees to commit certain mistakes when they manage them and the costs for that are too much to handle.
Social security benefits are an important part of every American’s retirement plan so you must be careful not to make these popular mistakes:
1. Like filling earlier than you should
Normally, you wouldn’t think that this would be a problem, right? And we know that getting a check from the Government is an irresistible offer and you cannot wait to claim it, but it can decrease your Social Security benefits in the long term.
These benefits are many retirees’ safety nets, in case their income is running low as they age. Put it this way, if you claim your benefits starting at the age of 70 instead of 62, which is the earliest you can file, your benefits will increase by more than 70%.
And it goes the other way around if you file earlier.