You have finally made it. It is that final day of work before you embark on that beautiful journey called retirement. Your “golden years” are supposed to be a time in which you can relax, own your schedule, travel, and spend time with loved ones. Your financial plan must be constructed and maintained for the long run, and Social Security plays a critical role.

All too often, I find that individuals and couples make mistakes when claiming benefits. It’s not their fault—the internet is filled with outdated information, myths, misconceptions, and outright lies.

As a National Social Security Advisor certificate holder, I have made it my mission to help educate retirees and help them get the most out of their social security benefits. The more money you have in retirement, the more you can relax and enjoy your time with family, with each other, and your golden years.

Here are five areas that I find to be the real “gotchas” in Social Security planning:

Trusting the Social Security Administration (SSA). The good folks at the SSA are not in the advice business. They are not fiduciary advisors. According to the agency’s Inspector General, SSA representatives are responsible for costing retirees millions of dollars in lost benefits. And there is no “undoing” bad Social Security decisions.

Assuming you don’t qualify for benefits. All too often people tell me they aren’t entitled to receive benefits. Even folks who do not work can qualify for Social Security under someone else’s work history. Common beneficiaries include spouses, ex-spouses, minor children, stepchildren, and even dependent parents.

Assuming that delaying benefits is the best option. A lot of ink has been spilled preaching that retirees should delay claiming Social Security as long as possible. That is not always the best advice. Due to the “deemed filing” rule, spousal benefits are limited. Now, spousal benefits can only be paid IF and WHEN the other spouse is collecting benefits. That means it might be advantageous for you to take a reduced amount so that you can have a greater joint benefit. The goal is to maximize a couple’s lifetimes benefit. At Yields4U.com, we have a free software tool that helps retirees identify the best strategy.

Failing to consider early retirement. Claiming benefits before your “full retirement age” (FRA) is a use it or lose it proposition—benefits that you could have received but did not are permanently gone. Depending on your situation, taking benefits early can allow your portfolio of IRAs and 401(k)s to continue compounding in the market. Consider that deferred Social Security benefits grow at a flat rate, not a compounded rate like investments.

Failing to account for taxes. Up to 85% of Social Security benefits can be taxed—that can have a serious impact on the actual benefits you can enjoy. A trusted advisor helps you with tax planning so that you pay as little in taxes as possible. Remember: A penny saved is a penny earned, and in retirement, every penny counts!

If you would like to learn more about how to get the most out of your Social Security benefits, I have a free guide you can download here: https://register.yields4u.com/social-security-maximization/

In this guide, I walk through everything you need to know to make the most of your benefits, links to resources on the SSA website, and questions to ask to ensure you are making the right decision for yourself and your loved ones.

In retirement, there are no "do-overs." Take the time to understand your choices and make the best decision possible.