4 Social Security Mistakes That Could Cost You Up to $280,000
Social Security should be easy enough to manage. Sadly, it's not. The rules that determine your benefits are complicated enough to create some tricky, and possibly expensive, pitfalls.
Here's a look at four Social Security mistakes that could cost you tens of thousands in retirement.
If you plan on collecting Social Security based on your earnings history, and not your spouse's, it's critical to understand how the benefit formula works. First, you qualify for benefits by earning 40 Social Security credits. You can earn up to four credits per year, based on your income. Since the income threshold for the full four credits is low ($5,640 in 2020), most workers reach 40 credits after 10 years of work. Once you hit that threshold, you're eligible to claim Social Security as early as age 62.
Source Fool.com
