6) Taking Social Security Early
When people hit the age of 62, they are very tempted to take their Social Security money out as soon as possible. In doing this, however, they are only getting an average of 6% less than the full benefits for the rest of their lives. If you choose to wait until 66, the full retirement age, you receive 100% of your Social Security. BUT, if you can wait until age 70, your benefits will increase up to 8% each year. While it may be very tempting to take your money when you can get it, it most definitely pays out in the long run to work just a few years more in order to receive more-than-full benefits. It could be the difference between staying in retirement or having to have a job for the rest of your life.