Social Security Mistakes That Could Cost You Thousands Retiring

Thank you for joining us for this important Social Security update.
Today we are uncovering five common Social Security misconceptions that could end up costing you thousands of dollars in retirement benefits.
Understanding these key facts can help you avoid costly mistakes and maximize your monthly income.
Keep watching as we explain what you need to know to make the best decisions for your financial future.
Recent findings reveal that misunderstanding social security rules can have a major financial impact on retirees with only 40% of Americans correctly identifying age 62 as the earliest age to claim retirement benefits.
Though claiming this early can reduce your monthly payment by up to 30% for life compared to waiting until your full retirement age, which is 67 for anyone born in 1960 or later.
Even fewer people, just 25% know that age 70 is when monthly benefits reach their maximum value as delaying past full retirement age increases payments through delayed retirement credits by up to 32%.
But waiting beyond age 70 does not add any further increase and simply means missing out on payments.
For divorced individuals, it is important to remember that you may be eligible for benefits based on an expouse’s work record if your marriage lasted at least 10 years.
But remarage generally ends this eligibility, while the expouse’s remarage does not affect your potential benefit.
For those receiving disability or supplemental security income, different rules apply, such as eligibility based on medical or financial need rather than work history.
And these groups are not subject to the same age-based claiming reductions or delayed credits.
Additionally, if you work while collecting retirement benefits before reaching full retirement age, the earnings test may temporarily reduce your payments if you earn over $23,400 in 2025.
But these withheld amounts are recalculated and returned through higher payments after reaching full retirement age, ensuring the money is not permanently lost.
Understanding these distinctions is essential for making informed choices about when and how to claim Social Security benefits, especially as new program updates and annual adjustments continue to affect retirees, disabled individuals, and SSI recipients differently.
With only 40% of Americans aware that age 62 is the earliest you can claim social security, it is crucial to understand how your claiming age impacts your lifetime income.
Review your strategy to avoid early penalties and ensure you receive the maximum benefit possible.
Consider consulting with a Social Security adviser to clarify your eligibility and options.
For more information, visit socialsecurityalerts.news.
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