GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you’re able to read more about oureditorial guidelinesand our products and servicesreview methodology.
While a bigger check offers a welcome financial boost, how you use those extra funds matters.
Without a smart plan, its easy to make mistakes that could hurt your long-term financial security.
Here are some of the worst ways to use your extra Social Security funds, according to experts.
Also seefour promises Elon Musk has made about Social Security.
Risky Investments
Malloy also recommended avoiding speculative investments,such as cryptocurrencyor high-risk stocks.
Theres an even greater risk when a third party is involved.
If a representative payee mismanages Social Security benefits, it can lead to legal consequences.
Otherwise, talk to a fiduciary financial adviser well-grounded in elder law and the legal boundaries of benefit use.
More From GOBankingRates
Sources
Share This Article:
The Latest inRetirement
