#4 Be sure you know the risks if you take out benefits and are still working

You can still be working when you start to receive your Social Security benefits; however, it is pretty tricky to do this correctly and not ruin the amount you will be receiving with each check. To put it bluntly, it will cost you to have your hand in both bags if you have not yet reached full retirement age. There is nothing wrong with doing that, but you will be receiving less.

The SSA still claims that you will be getting that amount back, just that it will happen after you have reached the full retirement age that they have set in place. Until then, if you are taking both, expect that your checks will be smaller because, for every $2 you earn over the threshold, you can expect as much as $1 to be withheld from your benefit.

Once you have reached retirement age, the amount will go back to the full sum. Still, if you want to receive your full benefits, you should try to withhold claiming them as much as you can.