Social Security claiming mistakes can result in more than just lost income; you might end-up paying thousands in extra taxes later!
Longevity risk is real. Accumulating assets for retirement was a lot easier than managing retirement income. Now you practically have to be an actuary to make sure your money doesn’t run out before you do!
Over half of all Americans expect to live a comfortable retirement and only one third think Social Security will be important to them.
The Social Security Board of Trustees released its annual report on the long-term financial status of the Social Security Trust Funds.
I wish I could take credit for this list, but I can’t. This is from the Society of Actuaries who outlined these unexpected or shocking expenses in its 2015 Risks and Process of Retirement Survey. I doubt it’s changed much since. Here they’re ranked by the likelihood of it happening.
There may be times when you might decide it’s worth claiming your Social Security benefits early!