Full retirement age (FRA)
Assessing the Implications of the Full Retirement Age (Hint: It’s not as simple as you think)
Reaching full retirement age (FRA)–the age at which a claimant can receive the full amount of their earned Social Security retirement benefit–was historically thought to be age 65. And it was…at least until the Social Amendments of 1983. A series…
Understanding (and adapting to) this year’s Social Security changes
In addition to its everyday complexities, Social Security changes each year. Some of these changes are based on legislation (e.g., changes in the full retirement age), others are intended to keep the program aligned with the economy (e.g., cost-of-living adjustments).…
Full Retirement Age In the News (Again)
Life expectancy has improved substantially since the inception of Social Security nearly a century ago. Consequently, retirement benefits need to be paid for much longer than originally intended. To borrow a phrase from Mercatus Center’s Charles P. Blahous in his…
The Role of Life Expectancy in Retirement Decisions
October is National Retirement Security Month and, thus, a good time to focus on an important question – When should I take my Social Security benefits? While there are several factors to consider when making that decision, don’t overlook the role of…
Ask Rusty – I’d like to retire early, but don’t want my Social Security reduced
Dear Rusty: I will be 65 this year and my husband is 72 (he retired in 2019 at age 66). I would like to retire and enjoy some time with him before he gets too much older. I do not…
A Deeper Dive Into the Increased Full Retirement Age Question
The Social Security system’s steadily eroding financial picture is becoming more noticeable in the media these days, especially since approval of the “Social Security Fairness Act” deepened the hole. It’s not new news, of course, but we’re beginning to see…
An Analysis of Claiming Ages and the Impact on Benefit Amounts
As most folks approaching the point of claiming Social Security benefits, the age at which you file makes a significant difference in the amount of that monthly payment. The Motley Fool’s Adam Levy illustrates this difference in a series of…
Shoring Up Your Retirement Planning Against Potential Social Security Cuts
A quick review of media offerings these days will tell you that the issue of Social Security’s financial problems is building momentum, along with the possibility of benefit cuts that may affect your eventual participation in the retirement support system.…
How Does the U.S. Compare Globally on Retirement Ages?
The standard U.S. full retirement age (FRA), as most people know, was 65 until the steps were taken in 1983 to deal with a funding crisis. The FRA was changed then to a phasing-in schedule for those born in 1938…