2. Applying for Social Security Too Early

Do not think that applying for Social Security is a good decision for a 62-year-old person. If you do, it means you will get around 25 per cent less than what you could receive on your full retirement when you turn 66. And just imagine – you’ll get 32 per cent less if you wait until you turn 70. If you have enough money to pay your current bills, refrain from applying for benefits and do it a few years later. Remember that your target age is 70. This is when the benefits are maximum.