By Marshal Deck
96% of Americans apply for Social Security benefits at the wrong time. And that mistake results in an average loss of $111,000.
Even the most seasoned investor makes mistakes when applying for Social Security
Below are three common mistakes he makes that can cost you thousands of dollars unnecessarily.
The earliest age you can start collecting Social Security is 62, but the general consensus is that you should apply as late as possible to receive more checks.
Many people recommend at least waiting until you reach full retirement age and start paying your pension in full.
Ignore Social Security's impact on taxes, Medicare premiums, and other benefits.
We've outlined another strategy that allows you to eliminate those taxes and keep $137,251 in your pocket.
What most people don't know is that people at the Social Security Administration aren't allowed to give personal advice on how to apply for benefits.
As such, you cannot rely on the Social Security Administration to help you claim your benefits. it is up to you.
A bespoke analysis revealed that her strategy would generate a massive tax bill of $137,251 on her lifetime benefits.
You'll double your Medicare premiums and forego other benefits. It is important not to make decisions based solely on the level of benefits.