One Social Security mistake is silently draining retirement accounts—here's what you need to know.
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00:00One of the big mistakes that people make with Social Security is to claim early.
00:04The earliest age at which you can claim Social Security is age 62.
00:08And that's when you'll get the reduced benefit.
00:12And that reduced benefit is for the rest of your life.
00:15And so I think oftentimes people say, well, I'm going to claim Social Security at age 62
00:19because it's my money or Social Security is going away.
00:23So I might as well claim it while I can.
00:25And those are actually the wrong reasons to claim Social Security.
00:28One of the things that we know in this country is that about 10%
00:32of widows in this country live in poverty.
00:35And one way to sort of avoid that from happening is to make sure that you're
00:39claiming Social Security at the latest age possible that makes sense for you and your spouse.
00:45So that if you should pass on, the benefit that your survivor receives is the highest possible.