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Retroactive Benefits
Most people know you can apply for your Social Security benefits as early as age 62. Most people also know if you do claim early you will be permanently locked into a lower lifetime benefit than had you waited until your Full Retirement Age (FRA) before claiming your retirement benefits. However, what most people don’t know is that in addition to permanently lowering your lifetime benefits, claiming early also exempts you from taking advantage of many claiming strategies available only to those who wait until their FRA or later before filing for their Social Security retirement benefits. (To learn more about your Full Retirement Age read our blog post on this topic. To learn what your FRA is click here for our handy table or visit our Resources section.) Read more…
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.