This Social Security Blunder Could Get You Into Serious Trouble

The most important financial decision for older Americans is when to start drawing their Social Security benefits. You can choose to receive your first monthly Social Security check over a range of ages, but the timing will have an impact on exactly how much you get -- both now and for the rest of your life.

Most people understand that in general, the earlier you claim your Social Security, the smaller your monthly payments will be. That makes sense, because you'll receive a larger number of payments by claiming early than you would if you waited. However, there's a misimpression that many people have about the true impact of when you file has on your benefits. If you're not aware of the different sets of rules governing various types of Social Security benefits, you could needlessly miss out on months or even years of payments without getting any benefit in return.

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