{"id":607574,"date":"2024-02-06T15:00:24","date_gmt":"2024-02-06T12:00:24","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/5-social-security-mistakes-to-avoid-in-2024\/"},"modified":"2024-02-06T15:00:24","modified_gmt":"2024-02-06T12:00:24","slug":"5-social-security-mistakes-to-avoid-in-2024","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/5-social-security-mistakes-to-avoid-in-2024\/","title":{"rendered":"#5 Social Security Mistakes To Avoid in 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a29448ced3b8\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a29448ced3b8\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/5-social-security-mistakes-to-avoid-in-2024\/#1_Claiming_Too_Early\" >1. Claiming Too Early<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/5-social-security-mistakes-to-avoid-in-2024\/#2_Not_Taking_Spousal_Benefits\" >2. Not Taking Spousal Benefits<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/5-social-security-mistakes-to-avoid-in-2024\/#3_Forgetting_About_SSI\" >3. Forgetting About SSI<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/5-social-security-mistakes-to-avoid-in-2024\/#4_Social_Security_Tax\" >4. Social Security Tax<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/5-social-security-mistakes-to-avoid-in-2024\/#5_Not_Having_a_Backup\" >5. Not Having a Backup<\/a><\/li><\/ul><\/nav><\/div>\n<div id=\"\"><div class=\"article-thumbnail\">\n    <div class=\"article-thumbnail--thumbnail\">\n                    <img decoding=\"async\" src=\"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/02\/social-security-card-bill-iStock-1496939151.jpg?webp=1&amp;w=675&amp;quality=75\" class=\"attachment-full size-full wp-post-image main-post-image\" alt=\"Several Social Security Cards on a US United States one hundred dollar bill $100 system of benefits for retired elderly people.\" has-ai-generated-content=\"\" sizes=\"(max-width: 1920px) 100vw, 1920px\" fetchpriority=\"high\"><p>\n                    eric1513 \/ Getty Images                <\/p>\n    <\/div>\n<\/div>\n<p>In 2023, over 67 million Americans received <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Social<\/a> Security benefits. And while retirees are encouraged to plan for Social Security being supplemental income, rather than a main income source in retirement, that doesn\u2019t always work out to be the case. Many Americans depend on Social Security for survival and could not stop working without it.<\/p>\n\n<p>With Social Security benefits holding such weight later in life, it\u2019s important to plan for them accordingly. Here are some of the biggest mistakes to avoid when claiming or planning for Social Security benefits, and what could cost you big.<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1178367&amp;targeting%5Bcurrent_internal_id%5D=1260504&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=theme-news-events&amp;targeting%5Bzone%5D=01&amp;resize=1\"><\/iframe>\n    <\/p><h3><span class=\"ez-toc-section\" id=\"1_Claiming_Too_Early\"><\/span>1. Claiming Too Early<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>One of the biggest factors in the amount of benefit you receive in your Social Security checks per month will be when you decide to start claiming benefits. The earliest you can claim benefits is age 62, and the latest is age 70. Should you claim at 62, you will receive roughly 30% less in your monthly check than you will if you claim benefits at 70. Although the overall amount of money you will receive during your lifetime will be more or less the same, it is important to remember that earlier claiming means slightly reduced checks. This is important to factor into budgets and overall quality of life when considering retirement. You do not want to be stuck in a position where you have retired, but are operating under the assumption of a larger check than is actually coming to you.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"2_Not_Taking_Spousal_Benefits\"><\/span>2. Not Taking Spousal Benefits<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Another huge potential boost to your Social Security benefits can come by way of spousal benefits. If you were previously married, widowed or currently married and retired, it is possible you can boost your Social Security check by a considerable amount if you qualify for spousal benefits. There are, of course, conditional provisions, such as not having remarried and your spouse having made more than you over their working lifetime, but eligible retirees can add significantly to their monthly check.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"3_Forgetting_About_SSI\"><\/span>3. Forgetting About SSI<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>The Supplemental Security Income program gives monthly payments to adults and children with a disability or blindness who have income and resources below specific financial limits. SSI payments are also made to people aged 65 and older without disabilities who meet the financial qualifications. SSI payments are paid out monthly, but usually on a different day than Social Security payments. SSI, if you are eligible, is a great way to add to monthly benefit income that you might not have thought of.<\/p>\n<p>\n        \n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp\" style=\"margin-bottom:-30px;\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/70999a1e-3489-11ed-9a44-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1178367&amp;targeting%5Bcurrent_internal_id%5D=1260504&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=theme-news-events&amp;targeting%5Bzone%5D=03&amp;resize=1\"><\/iframe>\n    <\/p><h3><span class=\"ez-toc-section\" id=\"4_Social_Security_Tax\"><\/span>4. Social Security Tax<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>Many often overlook the fact that Social Security benefits could be subject to federal income tax. The amount you could potentially be taxed ultimately depends on your overall income levels. This could mean that if you are pulling tens of thousands of dollars every month from other investment sources like annuities, life insurance policies and brokerage accounts, your benefit could very likely get taxed like regular income.<\/p>\n<h3><span class=\"ez-toc-section\" id=\"5_Not_Having_a_Backup\"><\/span>5. Not Having a Backup<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p>A large amount of Americans rely on Social Security income for the overwhelming majority of their expenses. This can lead to problems down the road, especially during high-inflation years which are particularly difficult for those on a fixed income. Generations of any age will do well to make sure they are investing in retirement vehicles such as a 401(k) and IRA to help them retire comfortably.<\/p>\n\n<p class=\"wp-block-paragraph\"><strong>More From GOBankingRates<\/strong><\/p>\n\n\n\n\n<iframe scrolling=\"no\" frameborder=\"0\" width=\"100%\" class=\"ndfp gbr-below-article-native\" data-src=\"https:\/\/products.gobankingrates.com\/pub\/cd2c90d2-ba06-11ed-8078-0a919b37cd73?targeting%5Bcategory%5D=retirement&amp;targeting%5Bsubcategory%5D=social-security&amp;targeting%5Bkeyword%5D=&amp;targeting%5Btags%5D=&amp;targeting%5Binternal_id%5D=1178367&amp;targeting%5Bcurrent_internal_id%5D=1260504&amp;targeting%5Bpagetype%5D=article&amp;targeting%5Bpage_layout%5D=user-first&amp;targeting%5Benv%5D=&amp;targeting%5Btheme%5D=theme-news-events&amp;resize=1\"><\/iframe>\n<!-- \/wp:post-content -->\n\n<!-- wp:paragraph -->\n\n<!-- \/wp:paragraph -->                    <\/div>\r\n<blockquote><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMN63nwsw68G3Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/blockquote>\r\n<blockquote>\r\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\r\n<\/blockquote>\r\n\r\n<span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/www.gobankingrates.com\/retirement\/social-security\/social-security-mistakes-to-avoid-in-2024\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span>","protected":false},"excerpt":{"rendered":"<p>eric1513 \/ Getty Images In 2023, over 67 million Americans received Social Security benefits. And while retirees are encouraged to plan for Social Security being supplemental income, rather than a main income source in retirement, that doesn\u2019t always work out to be the case. Many Americans depend on Social Security for survival and could not&#8230;<\/p>\n","protected":false},"author":1,"featured_media":607575,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/cdn.gobankingrates.com\/wp-content\/uploads\/2023\/02\/social-security-card-bill-iStock-1496939151.jpg","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[],"class_list":["post-607574","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/607574","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=607574"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/607574\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/607575"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=607574"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=607574"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=607574"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}