Postpone taking your Social Security benefits

Leaving the workforce and claiming your Social Security benefits are two of the perks of getting older. You can start taking your Social Security benefits as early as age 62 but it would be wiser to wait it out until you reach your full retirement age, 65 to 67 depending on your year of birth, age to maximize such benefits.

For instance, if your full retirement age is 67 but you claim your benefits at age 62, you will receive 30 percent less than the amount you would get if you’d delay taking your benefits for another five years. If you’re able to do that, don’t start taking the Social Security money before your full retirement age, or, better yet, until you’re 70, when you can get the maximum amount.