8 Ways To Forfeit Or Reduce Your Benefits

Not Meeting Vesting Requirements: Many employer-sponsored retirement plans have vesting schedules

Claiming Social Security Too Early: Claiming Social Security benefits before reaching your full retirement age can permanently reduce the amount of your monthly benefit.

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

Withdrawing Retirement Funds Early: Taking money out of your retirement account before reaching the age of 59½ usually triggers taxes and penalties

Overlooking Employee Benefit Enrollment Periods: Missing open enrollment periods for employer-provided benefits such as health insurance

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.

Ignoring Cost of Living Adjustments (COLAs): In the case of Social Security and some pensions

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