3 Big Social Security Mistakes to Avoid if You're About to Claim Benefits

Once you turn 62, you have the option to claim Social Security. There can be benefits to waiting -- namely, locking in larger monthly payments. But if you're turning 62 this year or are older, it means Social Security is on the table.

That said, it's important to think through your filing decision carefully. Here are three mistakes to avoid in the course of signing up for benefits.

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1. Taking benefits without seeing how much money you're entitled to

Filing for Social Security at full retirement age will mean getting your complete monthly benefit each month without a reduction. That age is 67 if you were born in 1960 or later.

Taking benefits sooner will leave you with less monthly income from Social Security, while delaying your claim past full retirement age boosts your benefits by 8% a month, up until you turn 70. But you can't make an informed filing decision without knowing what benefit you're entitled to based on your wage history.

There's a simple way to get that information. Just create an account on the Social Security Administration's website and access your most recent earnings statement. It'll have an estimate of your benefits so you can decide whether it pays to file early, on time, or late.

2. Not talking to your spouse about a filing strategy

You may be eager to start getting Social Security as soon as possible. But if you're married, it's important to discuss that decision with your spouse.

First, talking though big financial decisions is a good way to avoid conflict with your significant other in general. But that aside, it's important to review different Social Security filing strategies that may be available to you as a couple.

Let's say you and your spouse are both entitled to benefits. It could make sense for the lower earner of the two of you to claim Social Security early or on time while the higher earner delays claiming. That way, the larger benefit you're entitled to gets a boost.

If it's only you who has a work history, then it may be that your spouse is entitled to spousal benefits from Social Security. But the timing of your claim could affect those benefits, so it's essential to talk things through.

3. Not assessing your savings to see if waiting pays

The more money you bring into retirement, the less reliant on Social Security you might be, and vice versa. But before you can decide when to take benefits, it's important to know how much income from savings you're dealing with.

And that doesn't just mean looking up your IRA balance. It means understanding how much monthly income your savings will provide.

Let's say you expect your expenses to cost $5,000 a month in retirement, and you have a $900,000 nest egg. If you use the popular 4% rule, that gives you $3,000 a month from your savings.

If you're eligible for $2,000 a month in Social Security at full retirement age, that gives you the $5,000 you need to cover your costs. But that's an important thing to know so you don't sign up for benefits early.

You may be gearing up to start collecting Social Security. But make sure to think things through carefully so you don't end up regretting your filing decision.

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