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Four Common Social Security Claiming Mistakes

1. Not knowing your full retirement age (FRA). 'Full benefit' retirement age is rising beyond age 65 to age 67.

2. Not knowing you can file for benefits three months in advance of receiving income

3. Forgetting Social Security benefits can be subject to income tax.

4. Thinking early filers can later receive 'full benefits'. If filing early, your benefits are permanently reduced.


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Suze Orman's Advice to Delay Social Security Benefits Until Age 70 is Too Broad

Noted financial adviser Suze Orman says most folks should begin Social Security retirement benefits at age 70.

However, this is poor advice if you're in poor health or if you're a notably lower-earning spouse relative to your husband or wife. Ideally, the spouse with the substantially higher lifetime earnings will let their benefit accrue at 8% per year until age 70.


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Not affiliated with the US Social Security Administration