Mistake No. 9: Ignoring work rules for your early benefits

If you don’t plan to stop working after you start collecting your Social Security benefits, you could be finding yourself coming up short, from a financial point of view. In the year you reach your full retirement age, your Social Security benefits might be reduced by $1 for every $3 you earn over the annual limit.

For example, in 2019, there was a yearly limit of $17,640 for earners that are younger than the full retirement age. If you rely on your early Social Security benefits to complete your working income in the years before you reach the full retirement age, at least make sure you account for the rules that allow you to work while earning Social Security.