#3 Don’t claim benefits too early

When you look at things from a more simplistic lens, the main thing that influences how big or small your checks are is when you end up claiming these benefits from Social Security. The general gist is that you can start claiming these payments shortly after you have turned 62, but at the same time, if you start taking them out, then your payments will be influenced by a penalty because you have not yet reached the full retirement age.

If you start taking Social Security checks at age 62, then your checks can end up being smaller by 20% to 30%, and they will never bounce back at the full sum even if you have reached full retirement age in the meantime.

If you know you can wait, it is advisable to do so if you want to maximize your checks. However, if you have no other choice, be it some unexpected illness, sudden unemployment, or any other unforeseen circumstances, you can always take them out. We just suggest you check for alternate solutions before going down this route.

Likewise, if you know you have an illness that will prevent you from living a long life, you should never wait too long before starting to take advantage of these benefits!