Avoid Social Security Screwups

A recent report by the US Government Accountability Office concludes that most people don't know even the basic rules of Social Security and the strategies available to them. Among the fuzzy areas: the importance of health and family longevity in the claiming decision; the availability of spousal and survivor benefits; and the impact of filing at different ages. That lack of knowledge can lead to filer's remorse -- and thousands of forgone dollars. A 2016 survey by the Nationwide Retirement Institute shows that of the women surveyed who are taking Social Security, almost 20% wish they had waited to file to get a bigger paycheck. Your best protection against bad or missing information is to do your homework. Start with the Social Security Web site, which presents a basic overview of the system's rules and claiming strategies. You could also seek advice from a financial planner.