One of the biggest mistakes retirees can make is to underestimate the importance of Social Security in their retirement-planning strategies.
In an era of vanishing pensions and volatile markets, Social Security offers government-guaranteed income that isn't vulnerable to market risk, can't be outlived and can provide for your loved ones after your death.
Social Security–claiming strategies can be complex and have recently changed with the Bipartisan Budget Act of 2015. Many factors should be considered, including health, expected longevity and earning potential. As you get started, here are a few of the pitfalls and mistakes to avoid regarding Social Security.