Core Insights - Social Security benefits serve as a crucial source of guaranteed lifetime income for seniors, protected against inflation and providing financial support until death [1] - Many seniors make mistakes regarding their Social Security benefits, which can lead to significant financial losses [2] Group 1: Common Mistakes - Not coordinating with a spouse before claiming Social Security can lead to regrettable decisions, as couples can employ strategies to maximize combined lifetime benefits [4][6] - Failing to perform a break-even calculation is another critical error, as it helps determine the optimal time to claim Social Security benefits [7] Group 2: Financial Implications - Claiming benefits early can significantly reduce monthly payments; for instance, a standard benefit of $2,000 per month could decrease to $1,400 if claimed at age 62 instead of waiting until the Full Retirement Age of 67 [9]