A staggering 96% of Americans are estimated to lose an average of $111,000 in Social Security income due to mistakes made while filing for benefits. With over 2,700 rules in the Social Security handbook, errors are common and irrevocable, which can lead to lower lifetime benefits. Advanced preparation is crucial, as many benefits are locked in for life. The article identifies five main categories where filing errors often occur: Age/Marital Status, Death, Income, Taxes, and Health, indicating the complexity of the process and the importance of careful planning.
96% of Americans lose an average of $111,000 in Social Security income due to filing errors, highlighting the crucial need for careful preparation.
Filing for Social Security benefits may seem straightforward, but many fail to research qualifying criteria, resulting in locked-in lower benefits.
Mistakes in Social Security filings are irreversible, meaning advanced preparation is essential to avoid long-term financial impacts on retirement income.
Common filing mistakes occur in five key categories: Age/Marital Status, Death, Income, Taxes, and Health, underscoring the complexity of the process.
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