Social Security is one of the most important financial lifelines for millions of retirees. But for something so crucial, it’s widely misunderstood. People make life-altering decisions based on assumptions that sound reasonable, yet are completely wrong. And those small miscalculations can cost you tens of thousands over the course of your retirement.
The Social Security system is complex, and it doesn’t offer much room for error. Once you start collecting benefits, you can’t always undo the choice. And while plenty of people think they’re “playing it safe” by claiming early or relying on their annual statement alone, these choices often come with costly trade-offs.
