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7 Common Mistakes That Can Impact Your Social Security Benefits
When it comes to Social Security benefits, there are several common mistakes that individuals can make that may negatively impact their financial situation in retirement. Here are seven ways to avoid messing up your Social Security benefits:
1. Failing to Maximize Your Earnings
One of the biggest mistakes people make is not maximizing their earnings before retirement. Your Social Security benefits are based on your highest 35 years of earnings, so it’s important to work as long as possible and earn as much as you can to increase your benefit amount.
2. Claiming Benefits Too Early
Another common mistake is claiming your Social Security benefits too early. While you can start receiving benefits as early as age 62, your monthly benefit amount will be permanently reduced if you claim before your full retirement age (which is between 66 and 67, depending on your birth year).
3. Not Understanding Spousal Benefits
If you are married, divorced, or widowed, you may be eligible for spousal benefits based on your spouse’s earnings. It’s important to understand how these benefits work and how they can impact your own benefits before making any decisions.
4. Continuing to Work While Receiving Benefits
If you choose to work while receiving Social Security benefits before reaching your full retirement age, your benefits may be reduced if you earn above a certain limit. Make sure to understand the earnings limits and how they may affect your benefits.
5. Ignoring the Impact of Taxes
Social Security benefits may be subject to federal income taxes depending on your total income. Ignoring the tax implications of your benefits could result in owing more than expected come tax time.
6. Not Checking Your Earnings Record
It’s important to regularly check your Social Security earnings record to ensure that all your earnings are accurately reported. Any errors could result in lower benefits when you retire.
7. Not Planning for the Future
Lastly, failing to plan for the future and understand how your Social Security benefits fit into your overall retirement strategy can lead to financial insecurity in your later years. Take the time to create a comprehensive retirement plan that includes your Social Security benefits.
Avoiding these common mistakes can help you maximize your Social Security benefits and secure a more comfortable retirement. Be proactive in understanding how Social Security works and how it can impact your financial future.
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