This Social Security Mistake Could Derail Your Retirement Plans
Ensuring that you are financially secure throughout your retirement is critical. It can be very difficult to cope with having limited funds later in life when healthcare costs often rise and returning to work becomes much more difficult.
The decisions you make about Social Security can play a major role in your financial Security since the timing of your claim plays a big part in determining how much money you receive from the program. While benefits become available once you turn 62, each month you delay your claim increases the size of your benefit. As a result, many people make the decision to delay Social Security to eventually enjoy a bigger monthly check.
Waiting as long as possible -- until benefits max out at age 70 -- is indeed the best option for most retirees because it nets them the highest amount of lifetime benefits. But there are situations when putting off a claim could be a huge mistake that derails your retirement plans.
Source Fool.com
