Social Security will be an important benefit of your retirement plans as a typical American, and it will most likely be a huge part of your income. Many Americans, however, don’t fully understand how these benefits work and what the program does for you. For Americans who go into this process unaware, you could fall into some pretty common financial traps that could permanently reduce your income later on. 3 Mistakes You Want to Avoid When Becoming a Social Security Recipient Claiming benefits before you know how they work. If you don’t fully understand the factors that could impact your Social Security income, you could most likely make poor decisions when attempting to claim benefits. You should fully know how your age, work history, and marital status will affect your benefits during the claim process. For example, retiring before full retirement age (FRA) will reduce your monthly income. If you…
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