Social Security’s Full Retirement Age, and how it affects your benefits
Your full retirement age, or “FRA” as most SS experts refer to it, is a key factor in determining how much your benefit will be. And how old you are in relationship to your FRA when you claim benefits is what determines how much of your “primary insurance amount” (PIA) you will get. Your PIA is the amount you’re due exactly at your FRA, but claiming earlier will mean a reduced benefit, and waiting past your FRA will mean a higher amount. So obviously, knowing your full retirement age is a critical piece of knowledge. And since FRA is a variable number depending upon the year you were born, this article by Emily Brandon, senior editor at U.S. News and World Report, offers complete detail on how FRA is changing for 2021 and how your benefits are affected by claiming at different ages. Click here to read more.
Also, if you’re unsure about your individual situation under Social Security or have questions about your personal benefit entitlements, note that the AMAC Foundation provides an independent free-to-the-public Social Security Advisory service to help Americans navigate the complexities of this program. Learn more about it here…