8 Ways To Forfeit Or Reduce Your Benefits

[{"selector":"#anim-c945d426-dd31-4bec-9970-136f39fb426c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-2549bb83-ca22-4ca1-85dd-2d410cc3eff0","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Not Meeting Vesting Requirements : Many employer-sponsored retirement plans have vesting schedules

[{"selector":"#anim-5251c018-2904-4d90-bf3d-39631e3cb0ca [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-d3266cfc-d28d-45f8-9160-6865ad6b2bc9","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Claiming Social Security Too Early : Claiming Social Security benefits before reaching your full retirement age can permanently reduce the amount of your monthly benefit.

[{"selector":"#anim-416eda28-614e-4de3-9ca2-a4b9da6f0d59 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.536764448217098%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-caf91109-fff6-48e8-9ca8-7d0014684a09","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Ignoring Required Minimum Distributions (RMDs) : Failure to take Required Minimum Distributions from your retirement accounts starting at age 72

Not Updating Beneficiary Designations: Failing to update beneficiary information for retirement accounts, life insurance policies

[{"selector":"#anim-941f8547-ece1-4a79-9341-05e76394938c [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-665fdb3c-7fa2-4128-abec-dd1e41ff9be4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}]

[{"selector":"#anim-0e2c9868-9d85-4e16-b7e9-75ed731cbf14 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.248456168119866%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-5d619f37-db3b-4e45-ac90-3ababf535da4","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Withdrawing Retirement Funds Early : Taking money out of your retirement account before reaching the age of 59½ usually triggers taxes and penalties

[{"selector":"#anim-5946708c-e3f9-4bca-ac13-114c90fdbafc [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-abf29701-9320-4898-b481-047b2049528a","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Overlooking Employee Benefit Enrollment Periods : Missing open enrollment periods for employer-provided benefits such as health insurance

[{"selector":"#anim-c1c13943-c7e9-442d-b876-a31cf48be08d [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(31.249999886225726%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-43c246dd-398c-487f-a1fb-7e4b09222878","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Failing to File for Benefits on Time : Many benefits, including certain government and insurance benefits, require you to apply or file a claim within specific time frames.

[{"selector":"#anim-453304b8-7e01-4d22-9095-d9d98f61f6eb [data-leaf-element=\"true\"]","keyframes":{"transform":["translate3d(7.812499744007886%, 0, 0)","translate3d(0%, 0, 0)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"both"}] [{"selector":"#anim-57a061d2-556b-4720-845c-e9b78b961948","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] Ignoring Cost of Living Adjustments (COLAs) : In the case of Social Security and some pensions

8 Ways To Forfeit Or Reduce Your Benefits

Not Updating Beneficiary Designations: Failing to update beneficiary information for retirement accounts, life insurance policies

More Stories

Top 10 Bronzing Kits for Summer

Use the Fenty Shade Finder

This Year’s K-Beauty Trends