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Claiming Social Security at Age 65 May Not Be Wise
Age 65 seems to be what many people consider the “standard” retirement age. Of course, that could be influenced by the requirement to enroll for Medicare benefits at age 65, which leads many to assume that filing for Social Security at the same time is the right move. But the fact is that 65 may very well be the wrong age to claim your Social Security benefits because there are consequences for doing so, not the least of which is that your benefit amount will be reduced from what it would be at your full retirement age, or “FRA.” Your FRA is somewhere between 66 and 67 depending upon the year you were born, and claiming before that exposes you to a few very important risks, as articulated well in this Motley Fool article by Christy Bieber. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public service to help Americans navigate the complexities of this program. Learn more about it here…