The 7 Biggest Social Security Mistakes Retirees Make
Social Security is the single largest retirement asset most Americans own — yet the claiming decision is usually made in under an hour, often with bad information. A few avoidable mistakes can cost a household more than $150,000 over retirement.
Mistake #1: Claiming Too Early
Filing at 62 locks in a benefit that's roughly 30% smaller than your full retirement age benefit — and up to 76% smaller than waiting until 70. For healthy retirees with other income sources, delaying is often the highest guaranteed return available anywhere.
Mistake #2: Ignoring Spousal & Survivor Strategy
The higher earner's benefit becomes the surviving spouse's benefit for life. Claiming early permanently shrinks what your spouse will live on after you're gone. Coordinated claiming between spouses is one of the single biggest planning wins we see.
Mistake #3: Triggering Avoidable Taxes
Up to 85% of your Social Security can become taxable based on other income. Poorly timed IRA withdrawals or Roth conversions can push your benefits into the taxable zone unnecessarily.
A complimentary Social Security analysis with Gerard will show you the exact claiming age and order that maximizes lifetime, after-tax income.
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