Mistakes Social Security Recipients Often Make

Social Security is a lifeline for millions of retirees, but even small mistakes can cost you thousands over the years. Many people don’t realize the little slip-ups they’re making until it’s too late. The good news? They’re all avoidable. Here are four common Social Security mistakes.
 

Many folks don’t realize that your full retirement age (FRA) depends on your birth year. Claiming before FRA? That means a lower monthly check - maybe even forever. So many people claim at 62, but they really should wait until they’re 70.
 

Counting on Social Security as your only income can be a big misstep - especially since it generally covers just about 40% of what you made before retirement. Without additional savings, part-time work, or some other source of cash, you can get in trouble fast.

It’s easy to get lazy and stop checking your Social Security account, but chances are you’ll live to regret it. Your benefit amount depends heavily on your earnings history, and if there are mistakes (like missed or incorrect earnings), you could lose out, possibly for good. You can always get one of your adult children to help you if the whole thing seems too complicated.

Social Security is complicated, as are most things involving money. But help is at hand. A good financial advisor can help you figure out the best strategy based on your health, savings, and retirement goals. Skipping that step could mean leaving money on the table - money that could make your retirement a lot more comfortable.