Don't Make One Of These 3 Mistakes With Your Social Security Benefits

Retirement should be a time where you can sit back, relax and enjoy the fruits of your labor. After all, you worked hard over the years. You deserve to be compensated for the time and effort you put in. unfortunately, many people who retire aren't fully aware of how social security benefits actually come into play for them. Whether you are uninformed or being misled by conventional ways of thinking, you want to make sure you get the money to which you are entitled. Don't make one of these costly mistakes when it comes to your social security benefits.

Not knowing what your social security is worth.

At one point in time or another, you probably heard someone say that social security isn't enough to give you the financial security you need when you retire. Even though this could very well be accurate for some individuals, it isn't true for everyone. Sure, your earnings are going to be cut significantly when you go from working at your job to living on social security, but that doesn't mean you won't be able to survive. Each year, your benefits are going to increase due to the cost of living going up. Planning for the change in income can help prevent you from feeling like you aren't able to survive and make ends meet.

Rushing to begin collecting your benefits.

All too often, people end up applying for social security the minute they retire. By collecting your benefits the minute you turn 62, you could be shorting yourself on the total monthly amount you might receive if you waited until you were 70. The longer you wait to collect your benefits, the better off you are going to be financially. Delaying your benefits entitles you to receive what is deemed the delayed retirement credit.

Not knowing what you can do to combine your benefits with your spouse.

One of the most confusing components of filing for social security is not knowing how your benefits and your spouse's benefits will come together. Married spouses are eligible for a worker benefit, spousal benefit or survivor benefit. Knowing which one is going to work in your best interest is where the confusion comes in.

Don't lose out on valuable benefits because you didn't know what was in your best interest. Take the time to talk with a social security attorney, like Law Offices Of Russell J. Goldsmith, to determine how to proceed with your benefits.