In the United States there are many options to start collecting Social Security. Among these options we find that we can wait a little longer if we want to collect a larger Social Security benefit. But if we think our pension is sufficient when we reach Early Retirement Age, starting to collect it may be a good idea. The sooner a senior starts receiving a monthly pension, the sooner he or she will start resting. That well-deserved rest is necessary to enjoy the golden years in the best possible way.
But if we want an Early Retirement Age from Social Security we must watch out very carefully not to make 3 fundamental mistakes. If we make these mistakes before we start collecting the pension, we may end up with a check that is too small. And not only that, but we would have too little income to be able to pay all the monthly bills.
Mistakes to avoid when we have Social Security Early Retirement Age
If we make any of these three mistakes, it is best to eliminate them as soon as possible. At the end of the day, we have to plan very well what we do before we retire and apply for Social Security. Without good planning we will end up with a bad benefit and, in addition, very little money every month. Avoid these three mistakes by all means.
- Retiring without savings. This mistake is the first one to avoid. It is not a good idea to start collecting Social Security with Early Retirement Age without a good amount of savings. The best scenario is to save 5% of your salary when you are a worker. That way you will have a good amount of money when you retire in the future.
- Not calculating expenses well. If you have a limited income, you should calculate your expenses very well. Do not have unnecessary monthly expenses. Try to eliminate by all means expenses that you don’t really need. Create a budget and from there calculate what to eliminate and what not to eliminate.
- Having debts. This is a huge mistake. Starting your Social Security Early Retirement Age pension with debt is the worst possible idea. Completely eliminate all of your debt before you cash the first of your SSA checks.
If you eliminate these three mistakes from your approach, you will have a better retirement with Social Security. Don’t forget to save money, stay out of debt and calculate your expenses very well before it’s too late.