"Social Security can be a blessing or a curse, depending on how much you know and how prepared you are for retirement. When should you claim your benefits? Taking out your Social Security funds even just a few years too early can cost you thousands of dollars or more, depending on your circumstances. Navigating Social Security can be confusing and overwhelming."
"We don't want you to panic as you consider your retirement and Social Security, but we do want you to be prepared and know how to maximize your investments and make the smartest decisions for your future. To help you gain peace of mind that you'll be financially protected when you retire, we've put together a list of commonly made mistakes that you can avoid with Social Security."
Social Security timing strongly affects lifetime retirement income; claiming benefits too early can cost thousands. Retirement accounts, healthcare planning, and correct beneficiary designations are essential to retirement quality. Many workers factor Social Security into plans, but program instability increases the stakes of simple mistakes. Estimates as of October 16, 2025 show 77–81% of scheduled benefits could be paid by 2033, and beneficiaries should review earnings online and understand when and how COLA rises. The Congressional Budget Office projects a potential shortfall by 2033–2034 absent legislative fixes, and political messaging can amplify public concern.
Read at 24/7 Wall St.
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