Americans are an impatient bunch, at least when it comes to Social Security.
People who delay taking Social Security benefits will be rewarded with higher monthly payments, yet hardly anyone waits until 70, the age at which benefits are maximized. Many lock in reduced benefits by not waiting even until their full retirement age, which is between 66 and 67 for most people currently in the workforce. Some start at 62, locking in benefits as soon as they can.
Claiming benefits early is one of dozens of potential mistakes when it comes to Social Security. That should come as no surprise because the system is complex.
"The Social Security system has 2,728 core rules and thousands upon thousands of additional codicils" designed to clarify those rules, write the authors of Get What's Yours, a new book on the topic. Here are three potential blunders.