6. Getting your full retirement age wrong

Even if you don’t decide to claim benefits at the earliest possibility, you might still make mistakes if you’re waiting for your full retirement age.

That’s because everyone’s full retirement age is different. It will be 66 if you’re born between 1943 and 1954, but the number increases by two months each year. For those born in 1957, for example, their full retirement age will be 66 and 6 months. If you’re born after 1960, your FRA will be 67.

So just because those close to you in age chose to retire when they turn 65 doesn’t mean you have to follow in their footsteps.

Next, if you’re flush with cash at a certain age, some might be going down the toilet…..