Avoid Costly Mistakes: 62% of Retirees Overlook This Social Security Strategy

Money expert Shalae Morgan advises that to avoid common Social Security mistakes.

Navigating Social Security: Avoiding Common Mistakes

Understanding Social Security is very important for Americans planning their retirement because it provides essential financial support. Money expert Shalae Morgan shared tips with The U.S. Sun about common mistakes people make with their Social Security benefits. One big mistake is trusting benefit estimates too much. These estimates assume you will keep working and paying into Social Security until your full retirement age. If you retire early and stop contributing your actual benefits could be much less than expected, according to the report of The US Sun.

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(photo: LinkedIn)

Maximize Your Social Security Benefits

Morgan also stressed the need for a personalized approach because Social Security is complicated. Relying on general information from quick online searches can lead to bad decisions. She suggests getting professional advice or using Social Security Administration tools and calculators to create a retirement plan that fits your specific situation. These resources can give you accurate estimates and help you get the most out of your benefits.

Morgan also highlighted the advantages of waiting to claim Social Security benefits to increase your monthly payments. If you wait until age 70 to start collecting benefits, you can get much higher payments compared to starting at age 62. Her advice shows the importance of making informed choices to ensure a financially secure retirement.

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