1. Not knowing your full retirement age

You’re not entitled to your full monthly benefit until you reach what’s known as full retirement age (FRA).

Not knowing your full retirement age can cause you to claim Social Security at the wrong time.

2. Filing too early

The Social Security Administration (SSA) allows you to file as early as age 62. However, for each month you file for Social Security ahead of FRA, your benefits get reduced by a small percentage.

3. Not checking your annual earnings statements

Checking that statement for errors is important, because if you spot a mistake that works against you it could cause your benefits to go down.

The Motley Fool
Disclosure: Past performance is not indicative of future results. Starfox Financial Services, LLC makes no promises or guarantees. Investments will go up or down depending on market conditions. The information presented is general and not specific to any investor. Please consult your advisor for how this may relate to you.

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