Summary
Many retirees miss out on their Social Security potential by miscalculating key details. First, they file before knowing their full retirement age, often opting in at age 62 without realizing that delaying benefits could significantly boost lifelong payouts. Second, they underestimate the benefits of coordinating spousal benefits with individual claims to enhance overall retirement income. And third, they fail to account for cost-of-living adjustments (COLA) when planning budgets, leaving themselves short when inflation rises. By understanding when to file, coordinating household benefits wisely, and factoring in COLAs, retirees can maximize their Social Security and avoid regret.
The Motley Fool
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