Latest News
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 …
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.