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One of the Most Popular Retirement Ages - Yahool Finance
When Social Security was made law, the full retirement age (FRA) was sixty-five, the age at which you could receive 100% of your Social Security benefit. Now the FRA has risen to age sixty-seven, depending on the year you were born. If you start your benefits at sixty-five, with a FRA of sixty-seven, you will only receive 86.7% of your FRA amount, and it’s a permanent reduction.
One of the reasons sixty-five is one of the most popular retirement ages is that sixty-five is still the Medicare age. However, just because you may have to take Medicare at sixty-five doesn’t mean you have to start your Social Security benefits at the same time.
If you are behind in savings, you might want to consider delaying your Social Security benefits. If you are in a position to delay taking your benefits until you are seventy, your benefit will increase by 43.1% if your FRA is sixty-seven. To read the full article by Keith Speights of The Motley Fool, click here …
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