FRA
Sen. Graham Advocates Full Retirement Age Setback
Earlier this week, Senate Budget Committee chairman Lindsey Graham (R – SC) spoke in favor of a change to the Social Security full retirement age (FRA). SC Daily Gazette reporter Shaun Chornobroff, reporting on comments made by Sen. Graham in…
The Social Security Earnings Test—Why Does it Exist?
Claiming Social Security retirement benefits early—that is, before full retirement age (FRA)—is still a popular option in retirement finance planning. For some, it offers the opportunity to step out of a difficult work environment and into different, less stressful work.…
Ask Rusty – When Should We Claim Social Security?
Dear Rusty: I am almost 63 and my husband will be 61 soon, and we are looking to see when our best time would be to start our Social Security benefits. We would like to know if one of us…
Knowing How Your Benefit Increases (or Decreases) is Important
As most folks are aware, eligibility for Social Security benefits begins at age 62. What many folks are not aware of, however, is how much the benefit claimed at that age will be reduced from what would be available at…
Social Security Benefits Can be Reduced in Several Ways…It’s Important to Know the Rules!
Once the decision to file for Social Security benefits has been made, most folks weave the amount of their monthly payment into their financial picture and sit back for the long haul. That’s fine, but you need to understand that…
Raise the Retirement Age or Lower It? Gen Z and Millennials Weigh In
Many proposals to address the Social Security program’s evaporating financial reserves include a recommendation to add a few years to the full retirement age (FRA) provision, perhaps extending it as far as age 70 from its current age 67. Advocates…
The Importance of Knowing (and Considering) Your FRA When Pondering Filing for Social Security
Surprisingly, many folks approaching Social Security eligibility are not clear on what their full retirement age (FRA) actually is. But more importantly, many folks are also not aware of the impact their FRA has on their ultimate level of benefits.…
COVID-19 and Your Decision to Claim Social Security Benefits
Those who have been weighing their options for Social Security benefits know that filing early (i.e. before their full retirement age – FRA) will result in a reduction from their FRA benefit. Likewise, they know that deferring their filing beyond…
Benefits at FRA or Age 70…A Look at the Debate
MarketWatch columnist Mark Hulbert provides an interesting discussion about the question of which is financially best: to file for Social Security benefits at full retirement age, or delay to age 70 and reap the rewards of delayed retirement credits. Like…
Ask Rusty – Maximizing Spousal Benefits
Dear Rusty: My husband turns 68 next year, and I will be turning 66. He plans on continuing to work and retiring at age 70 to maximize his monthly Social Security benefits. I am retiring next year due to a…