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Claiming Social Security at age 65, and the consequences thereof
For some Americans, age 65 is fixed in their mind as the date they should take their Social Security benefits. That’s probably because 65 was once Social Security’s “full retirement age”, the age at which you get 100% of the benefits you are entitled to from a lifetime of working. But Social Security’s rules changed in 1983 to recognize that people were living longer and collecting benefits for more years than was envisioned when the program was conceived back in 1935, so the full retirement age for those retiring today is somewhere between 66 and 67, depending upon the year of their birth. Nevertheless, old thoughts die hard and many still plan to retire and collect Social Security when they turn 65. This Motley Fool article by Dan Caplinger explains how claiming at that age will affect your benefit amount and how waiting just a little longer can yield some pretty impressive improvements in your monthly Social Security check. Click here to read more.