Many people know that the age you claim Social Security impacts your benefit amount.

Here at NORA, we cover the advantages of waiting to claim, noting how it can result in higher payments. We also cover the perks of claiming early, as this can be helpful for those who can’t afford to wait or work any longer.

But can you wait too long to claim benefits?

While you will still be eligible no matter how long you wait, you may miss out on some good opportunities. This is a common mistake many people make. Waiting too long can force you to tap into a nest egg. By claiming early, you can keep more money in stocks to grow your investments.

Claiming early can also help offset medical costs, allowing you to come out ahead financially even if you have costly healthcare needs.

For more Social Security tips, follow us on Facebook and Twitter.