Educate Yourself on Social Security
A recent survey conducted by Financial Planning Association found that those nearing retirement age were actually quite knowledgeable about Social Security in general, but their knowledge falls off drastically when it comes to deferring benefits and spousal benefits. Some of these gaps in knowledge include not knowing the earliest you can start collecting, not knowing that waiting until full retirement age can net higher benefit pay outs, and not knowing you can receive benefits based on your spouse’s work history. All of this information can be used to maximize benefits paid, and by not knowing this people are unknowingly hindering themselves and not receiving the full amount that they may be entitled to. Richard Eisenberg with Forbes has more to say on this subject in his article here.