Social Security might seem simple. You file for benefits. You receive benefits. End of story, right?

Not really. There's actually a lot more involved with the process. And there's plenty of room for errors that could cost you. Don't make these three Social Security mistakes in 2024.

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1. Claiming retirement benefits too early

Probably the biggest mistake Americans make when it comes to Social Security is claiming retirement benefits too early. You can begin collecting retirement benefits as early as age 62. However, you'll pay a steep cost for doing so: Your Social Security benefits will be reduced by 30%.

Waiting until your full retirement age (FRA) will ensure that you receive your full benefits. For anyone born in 1960 or afterward, your FRA is 67. You can boost your retirement benefits even more, though, by holding off until age 70. Doing so will increase your benefit by 24%.

Most Americans don't exercise such patience, though. In 2022, 22.9% of men and 24.5% of women collected Social Security retirement benefits at age 62. Nearly half of both men and women began receiving retirement benefits prior to their FRA. Fewer than one in 10 waited until age 70.

Of course, some people need to claim retirement benefits early for health or other reasons. However, most would be better off financially by holding off at least until they reach their FRA.

2. Failing to coordinate spouse's benefits

Deciding when to claim Social Security retirement benefits can be a bit more complicated for married couples. In many cases, filing at the same time makes the most sense. It's possible, though, that filing at different ages could be the better move for some couples.

The most important thing to do first is determine which spouse will have higher retirement benefits. Both you and your spouse can see what your estimated Social Security benefit will be on the SSA.gov website.

Ideally, the spouse with the higher benefit should wait at least until their FRA to begin receiving retirement benefits. If one spouse has an estimated benefit that's more than two times higher than the other spouse, it will probably be best to apply for spousal benefits at some point. The lower-earning spouse, however, could file first under their own earnings record and then apply for spousal benefits later when the higher-earning spouse begins receiving Social Security retirement benefits.

There's a lot to consider. You might want to consult with a financial advisor to determine the optimal strategy. The bottom line, though, is that failing to coordinate benefits between spouses is certainly a mistake you'll want to avoid.

3. Closely checking your Social Security earnings record and payments

As you might have surmised, your earnings record is critical in the Social Security Administration's calculation of your benefits. It's important, therefore, to check to make sure your earnings record is correct. If you think there's an error, you can request a correction using the "Request for Correction of Earnings Record" form (SSA-7008).

You'll also want to closely check the payments you receive from Social Security. Don't just look for underpayments. If it appears that your benefit is too high, that could also be a problem. It's better to address any potential issue sooner rather than later.