3 Social Security Rules Many Retirees Ignore (and Regret)

Group 1 - Social Security becomes a crucial income stream for retirees, making it essential to understand its rules and benefits [1] - Claiming Social Security at age 62 results in a permanent reduction of monthly benefits by approximately 30%, and ongoing cost-of-living adjustments (COLAs) are applied to this reduced amount [4][5] - Working while receiving Social Security benefits can temporarily reduce monthly checks if earnings exceed a certain threshold before reaching full retirement age, but this does not restore the benefits lost due to early claiming [6][7][8] Group 2 - The decision on when to claim Social Security can significantly affect a spouse's lifetime income, particularly in the case of survivor benefits, which equal 100% of the amount received by the deceased spouse [9][10]