Social Security Mistakes To Avoid
- Do not underestimate the value of Social Security – longevity protection, inflation protection and right of survivorship.
- Do not rush to collect benefits – when you factor in the penalties for taking benefits early, with Delayed Retirement Credits and COLA’s you could potentially double your initial Social Security payment by waiting until age 70.
- Do not ignore the increase possible in the survivor benefit by using claiming strategies and by timing your decision accurately – can be substantial.
- Do not get blind sided by the TAX Torpedo.
- Do not go for your appointment with the Social Security office or file online without a report in hand of your options…..remember, they cannot give advice only amounts.
- Do not underestimate your life expectancy – it is better to be wrong than to be shortchanged.
- Do Not listen to advice from family and friends as your sole source of education on this issue – professional advice is necessary to make an informed decision.
- Do not forget to take into consideration your Earnings Limits.