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3 Social Security Mistakes That Could Cost You a Fortune

Social Security will probably be a pretty big source of income for your retirement — at least if you’re like most Americans. However, while Social Security provides benefits to millions of seniors, many of the people who claim those benefits don’t really understand how the program works.

If you’re soon to become a Social Security recipient, it’s imperative you understand a few things about how your benefits are determined so you can avoid costly errors that could leave you with a permanently reduced income during your golden years.

In particular, there are three mistakes you absolutely don’t want to make.

Money and Social Security card

1. Claiming benefits before you understand how they work

According to a survey conducted by Nationwide, 91% of older adults have no idea what factors impact the Social Security benefits they’ll receive after retirement. If you don’t know the factors affecting your income, you could make bad decisions about when to claim benefits.  Read More

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