7 Social Security Mistakes That Could Cost You a Fortune
Christy Bieber of The Motley Fool notes Social Security is an important lifeline for income during retirement, but the program is complex. These are seven easy to make mistakes that should be avoided: 1. Failing to make sure your earnings record is correct; 2. Underreporting your income (often done by the self-employed); 3. Working for too few years (benefits are based on highest 35 years in workforce); 4. Quitting work at the peak of your earnings potential; 5. Claiming your benefits at the wrong time (claiming at any age before full retirement age of 66-67 means a lifetime of permanently reduced benefits); 6. Failing to explore all the benefits available to you; 7. Not understanding the rules before you act. For more detail on each point, see the full article here.
The AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-Certified Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.