Full retirement age
Claiming your Social Security benefits sooner than later
Most financial experts advise not to file for your Social Security benefits until you have maximized your benefit, usually at age 70. You max out your benefit by earning delayed retirement credits that will boost your monthly benefit by eight…
When Should you Claim Social Security?
There’s no single answer to that question, but there is one very important factor which is crucial for you to know when deciding, and that is your full retirement age (FRA). You FRA varies depending on the year you were…
Regret Claiming Social Security? Here’s what you can do
Deciding when to claim Social Security can be a daunting exercise and, far too often, the complexity of that decision leads to just throwing up your hands up and applying, without fully understanding the consequences of doing so. Then, a…
Social Security is Unique for those who are Married
Social Security can sometimes seem like a maze, with thousands of individual rules to cover every possible personal situation. That maze is especially complex for married couples, because choosing when two people should claim is naturally more difficult than for…
The Social Security earnings test
You can start your Social Security retirement benefits at 62 but at a reduced rate. According to statistics released by the Social Security Administration, almost 30 percent of Americans eligible for Social Security begin to receive their benefits at 62.…
The three-legged stool
The newest data from Allianz finds that 22 percent of Americans currently working hope to retire in 2024. Unfortunately, these soon-to-be retirees will discover the much talked about “three-legged stool” no longer applies to most people. What is a “three-legged…
Is it possible to lose some of your Social Security?
As part of the “three-legged” stool of retirement planning, Social Security should play an equally important role along with pensions and retirement savings; however, for some people, Social Security is the only leg of that stool. So, it is essential…
What you should know about Social Security
The Social Security Administration states more than 50 percent of seniors aged 65 and above rely on Social Security for more than half of their monthly income. Another report finds that 40 percent of older Americans rely only on Social…
The pros and cons of starting at 62
You can begin your Social Security retirement benefits early at 62, the most popular age. If you decide to start receiving benefits early, they are reduced, but if you wait until you reach your full retirement age, you are entitled…
Revisiting Some Lesser-Known Social Security Rules
For someone beginning to take their first preparatory look at Social Security, the basics are fairly well known. Age 62 is your early eligibility (with reduced monthly benefits), your full retirement age is based on your year of birth (if…