Millions of Americans utilize Social Security during retirement, and they want to be sure there are no mistakes or errors shortening their benefits.
It’s important you avoid the most common mistakes to get the most for your money.
It’s a good idea to keep an earnings record so you know what you’re entitled to and what to plan for.
Mistakes to avoid when it comes to Social Security
A big mistake commonly made is not realizing you haven’t worked long enough.
Your 35 highest earning years are used to determine your benefit amount.
If you have less than that, $0 is averaged into your payment.
This means if you only worked 30 years, five years of $0 will dramatically pull your benefits down.
Waiting too late or applying too early is another common mistake.
Some people retire before their full retirement age and see much less money.
If they choose to work at this time they could see benefits withheld because they’re earning too much at the same time.
If you aren’t in good health and wait until age 70, you could miss out on benefits you could have been receiving all along.