1. Taking Your Social Security Too Early
As much as there’s an option of claiming social security at age of 62, a lot of consequences come along with that. Well, one of them is that you can lose as much as 25% of your benefits, one of the common retirement mistakes that even smart retires fall into. Instead, delay your claims until the age of 66 (full retirement age) or even further until age 70. You can get as much as 8% more from your benefits over this 5 year duration.