3 Social Security Mistakes You're Bound to Sorely Regret

Core Insights - The article emphasizes the importance of strategic filing for Social Security benefits to avoid common mistakes that could lead to reduced monthly income during retirement [1] Group 1: Social Security Filing Strategies - Claiming Social Security at the earliest age of 62 results in a permanent reduction of about 30% in monthly benefits compared to waiting until full retirement age, which is 67 for those born in 1960 or later [3][4] - Recipients have the option for a one-time do-over of their Social Security claim if they withdraw their application within 12 months and repay any benefits received, allowing for potentially larger monthly checks later [5][6] Group 2: Coordination with Spouse - It is crucial for couples to coordinate their Social Security filing strategies, as both may be entitled to benefits based on their earnings records, which can affect the timing and amount of benefits received [7][8]