Steer Clear of These 5 Retirement Pitfalls

Simple mistakes can really hamper your retirement goals

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Steer Clear of These 5 Retirement Pitfalls

Taking Social Security Too Soon

This one is a sticky wicket, but the decision of when to take Social Security basically boils down to a personal preference built on existing wealth at a given age, job situation and retirement time horizon.

First things first: Make sure you actually enroll.

But before you rush in early (you actually can start taking Social Security as early as age 62), remember this: The longer you wait to take Social Security, the more your benefits grow — at least until you reach your Full Retirement Age, which is when you’ll finally max out your possible monthly check.

You can determine your FRA by using the Social Security Administration’s calculator here, and you can learn more about how your monthly check is calculated here.

Marc Bastow is an Assistant Editor at InvestorPlace.com. As of this writing, he did not hold a position in any of the aforementioned securities.

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Article printed from InvestorPlace Media, http://investorplace.com/2013/07/steer-clear-of-these-5-retirement-pitfalls/.

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