Social security has been around since 1935 and is meant to provide financial assistance for retirees, as well as those who cannot work. Social security assistance is a great program that can be beneficial to us when we need it. However, depending how and when you apply for it can be either helpful or detrimental to you.

Currently, Americans are throwing away thousands to hundreds of thousands of dollars of their income when they file for social security benefits too soon. If you are like most people and plan on filing benefits when you are close to retiring, you need to be thinking about several things because the decision you make will influence your income greatly. If you decide to apply for social security as early as when you’re 62 years old, you’ll be locked into lowered benefits for you as long as you live.

Currently, those who wait…