Know your Full Retirement Age for Social Security! - Motley Fool
A somewhat stunning revelation in this Motley Fool article reveals that about 87% of American adults do not know their correct Full Retirement Age (FRA) for Social Security. And what’s even more disturbing is that those who guess at their FRA almost always believe it is lower than it truly is, meaning that if they claim at a lower than actual FRA, their monthly benefit will be permanently cut.
Each person’s full retirement age depends on their year of birth, and will be somewhere between age 66 and age 67. Claiming before your personal FRA means a permanently reduced benefit, and waiting longer than your FRA gets you a bonus. But claiming Social Security without knowing your full retirement age is, as this Motley Fool article by Katie Brockman points out, is a big mistake. Click here to read more and learn how to determine your personal full retirement age.
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 advisory service to help Americans navigate the complexities of this program. Learn more about it here…