Which Mistake Retiree Could Lose $100,000 in 2023?

By Marshal Deck

Social security benefits 2022

96% of Americans apply for Social Security benefits at the wrong time. And that mistake results in an average loss of $111,000.

Social security benefits apply

Even the most seasoned investor makes mistakes when applying for Social Security

Social Security benefits mistakes 

Below are three common mistakes he makes that can cost you thousands of dollars unnecessarily.

Social security benefits Mistake #1

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.

Social security benefits formula 2022

Many people recommend at least waiting until you reach full retirement age and start paying your pension in full.

Social security benefits Mistake #2

Ignore Social Security's impact on taxes, Medicare premiums, and other benefits.

Max social security benefit 2023

We've outlined another strategy that allows you to eliminate those taxes and keep $137,251 in your pocket.

How to apply for benefits.

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.

Social security benefits eligibility

As such, you cannot rely on the Social Security Administration to help you claim your benefits. it is up to you.

Social security benefits 2023

A bespoke analysis revealed that her strategy would generate a massive tax bill of $137,251 on her lifetime benefits.

Social security benefits increase for 2023

You'll double your Medicare premiums and forego other benefits. It is important not to make decisions based solely on the level of benefits.

mORE Info