This Mistake Could Cost You $56,422 in Retirement -- and It's Not Claiming Social Security Early
A large number of retirees find that money becomes tight once they no longer have a paycheck coming in from a job. That's why older Americans are commonly advised to proceed with caution when it comes to retirement planning, budgeting, and filing for Social Security.
In fact, many seniors rush to sign up for Social Security before reaching full retirement age, which is the age at which they're entitled to their full monthly benefits based on their wage histories. Claiming Social Security early will generally slash your monthly benefit for life. And that could translate into many thousands of dollars in lost income throughout your retirement.
But that's not the only mistake you might make later in life that could cost you a lot of retirement income. If you end up falling victim to a financial scam, your losses could be even greater.
Source Fool.com
