10 Worst Mistakes People Make After Retirement
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3. Apply for Social Security Too Early
Even though you can apply for Social Security at 62, it will benefit you to wait. If you apply at 62, you’ll receive 25% less than if you waited 3 years. And, if you can manage to wait till you are 70 years old, you’ll get 32% more. At 70, the benefits increase will max out, so this is the perfect age to start claiming.
4. Spending Too Much Money Too Soon
Stop planning that cruise. Even though your retirement feels like freedom, it can be a mistake to spend chunks of your nest egg early on. In reality, you don’t really know how long your funds will have to last you, so it’s better to stay savvy early on into your retirement.
