Mistake #1: Taking social security too early
In the U.S. people can start taking social security as early as 62 and as late as 70. According to a 2019 census, approximately 35% of men and 42% of women aged 62 received Social Security. This means more and more people decide to retire and collect their social security sooner rather than later.
However, financial specialists recommend working for as long as possible to get the best out of your social security benefits.
“Don’t start Social Security as soon as you are eligible,” recommends certified financial planner Eric McClain. “It might make sense to delay, perhaps even draw on your other assets first.”
