If you didn’t know this already, you can only make a couple of Social Security mistakes that could cost you a lot of money, and leave your nest egg without tens of thousands of dollars in retirement benefits.
So in order to avoid that, you need to understand better how the system works, and what is there to do to maximize your Social Security checks. This article tackles the subject, so you might want to read it.
These are some of the biggest and most costly mistakes you could possibly make when navigating Social Security, and here’s how to avoid them:
Having been a CPA for over 40 years and having had the experience to have actually done the tax returns of dozens of retirees, I would disagree with your initial concern of taking your Social Security too early. Of course there are a few exceptions which is why it is worthwhile to discuss your particular situation with your tax preparer or financial planner. The amount of extra money you will receive will take many years to recover even at that higher income level. Meanwhile you have had use of the money.
Cash is king always try to pay for something in person with that there will be no discrepancy about whether the funds are available or not.