Joel Johnson, CFP® discusses Social Security on this episode of Better Money Atlanta on WSB-TV and some of the mistakes people make when claiming.
One issue is timing. Many Americans are claiming their Social Security benefit at the wrong age. If it is claimed too early, you may see a decrease of about 30% of your overall benefit. Joel talks about how the average person leaves about $100,000 on the table in retirement when it comes to Social Security.
A common misconception is thinking that benefits increase at full retirement age. However, this is untrue. You will receive the same amount of money if you begin collecting at 70 as you would if you collect at age 62. The only difference is that your monthly checks will be lower at 62 because of the 8 additional years of checks.
Many people do not understand the rules for married people. If you have been or were married for 10 years or more, you may have a higher benefit than just your own. This is because you can collect from your spouse’s benefit, whether you are divorced or widowed.
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