Retired in USA

Your golden years are your best years! Make them shine!

  • Home
  • Personal Finance
  • Retirement Life
  • Saving & Spending

8 Budgeting Mistakes You Can Easily Avoid in Early Retirement

February 2, 2023 · Enjoying Retirement
Budgeting Mistake
Photo by Gunnar Pippel at Shutterstock

Budgeting Mistake: Claiming Social Security Too Soon

Some early retirees rush to claim Social Security when they’re 62 years old because it’s the earliest possible stage to get benefits. Other seniors choose to wait until they reach the full retirement age, which is around 66, depending on today’s older workers.

But if you decide to still work part-time when you’re retired, or you have enough earnings from savings to be able to pay living expenses, it’s worth holding off on Social Security until you reach age 70. If you do, you’ll automatically get an 8% annual boost in benefits.

And while a strong investment portfolio might also deliver an 8% return, delaying Social Security is an excellent way of achieving risk-free 8% growth on your benefit payments.

Pages: 1 2 3 4 5 6 7 8 9

Share this article

Facebook Twitter Pinterest LinkedIn Email

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

1 comment on “8 Budgeting Mistakes You Can Easily Avoid in Early Retirement”

  1. Keith Harvey says:
    February 8, 2023 at 2:55 pm

    Check supermarket and gas prices before you buy! Also, check several service stations before you get your vehicle repaired.

    Reply
Se încarcă comentarii...

Nu mai există comentarii de afișat.

Search

Latest Posts

  • Senior woman browsing fresh flowers at an outdoor street market with striped vendor tents and shoppers. Top 7 Retirement Destinations for Independent Seniors
  • Seniors walk along a landscaped stone courtyard outside a modern multi-story residential building near a water fountain. 10 Signs You’ve Found a Retirement Community Worth Joining
  • Man standing by a curbside mailbox opening an Annual Notice of Change envelope on an autumn suburban street. 8 Things to Do the Week Medicare Open Enrollment Opens
  • Man kneeling in a suburban front yard planting autumn flowers in a garden bed beside a brick home. 12 Cities With Retirement Homes Under $250,000
  • Illustration of a torn umbrella shielding a hospital and clinic while rain falls on dental, vision, and hearing items. 9 Things Original Medicare Doesn't Cover
  • Illustration split between busy city commuters on the left and a retired couple hiking along a sunny coastline on the right. 10 Spending Categories Where Retirees Say They Saved the Most
  • Senior man in an apron repairing a bicycle wheel mounted on a stand inside a sunlit workshop. 9 Ways Retirees Use Part-Time Income to Delay Withdrawals
  • Screenprint illustration of a small town square with a clock tower and gazebo, flanked by a beach and green mountains. 10 Cities Where $2,500 a Month Still Covers Everything
  • Older couple holding a large golden key to a stone archway overlooking a scenic coastal landscape. 10 Questions Couples Should Answer Before Filing Joint Retiree Taxes
  • Illustration of October, November, and December calendar pages floating toward a pocket watch above a bank vault. 8 Retirement Account Deadlines Hiding in the Last Quarter

Newsletter

Get retirement tips and senior living advice delivered to your inbox.

Related Articles

happy retiree

7 Things Happy Retirees Have in Common

A smiling woman practices yoga on a mat while her partner reads, enjoying the peaceful…

Read More →
panama

Panama: 7 Reasons This Is the Perfect Place To Retire

An adventurous retired couple explores a lush tropical jungle filled with vibrant exotic flowers and…

Read More →
Money Myths That Could Leave You Broke in Retirement

7 Money Myths That Could Leave You Broke in Retirement

According to one poll, 64% of Americans will retire impoverished. Furthermore, according to the annual…

Read More →
social security mistakes

5 Social Security Mistakes That Reduce Your Payments

Are you making these Social Security mistakes too? Whether you rely on Social Security to…

Read More →
places

12 Places Where Retirees Can Have Fun in NY

Are you retired now and the place you lived in for so many years seems…

Read More →
money

6 Tips for Making Your Money Last as a Retiree

A pensive man leans over his desk with a tablet, reflecting on his financial security…

Read More →
credit card state

How All 50 States Deal With Credit Card Fraud Risk

50 States and the Credit Card Fraud Risk They’re Into: While there is no foolproof…

Read More →
sunny weather

Top 10 Warm Weather Places to Retire in America

Living in a city where there’s always sunny has lots of benefits for your health.…

Read More →
single

Single Retirees: Top 10 US Cities That Are Great For You

A joyful retiree strolls through a scenic city park with flowers, perfectly at home and…

Read More →
Retired in USA

Your golden years are your best years! Make them shine!

Inedit Agency S.R.L.
Bucharest, Romania

contact@ineditagency.com

Trust & Legal

  • Contact
  • Editorial Policy
  • Advertiser Disclosure
  • FAQ
  • Subscribe
  • Unsubscribe
  • Privacy Policy
  • Terms and Conditions
  • Disclaimer
  • Do not sell my personal information
  • Request to Know
  • Request to Delete
  • CA Privacy Policy

Categories

  • Enjoying Retirement
  • Personal Finance
  • Saving & Spending

© 2026 Retired in USA. All rights reserved.