10 Mistakes That Reduce Your Social Security Payments

5. Claiming retirement benefits early

Many seniors believe that they must claim benefits as early as they can due to several factors. In some cases they’ve been given false information, other people copy what they see in their friends and family while others still believe that somehow the Social Security fund will deplete soon, so they should get their benefits while they last. This, of course, is not the case.

If you’re able to work until you reach your full retirement age it’s best to do so. Claiming your benefits early will shrink the amount of money you get. Furthermore, you won’t see an increase as you age, meaning that the reduction is permanent.

Your full retirement age is determined by the SSA, so you must check with them to ensure you’ve got the right number.

Age is just a number, right? You better make sure you’re right for number 6…..

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