The Importance of your Full Retirement Age to your Social Security retirement benefit - Investopedia
Each year, the Social Security Administration changes some rules affecting your benefits, so knowing the changes goes a long way toward choosing when to claim Social Security. Your “full retirement age” – which is when you get 100% of the benefits earned from a lifetime of working – is crucial to your monthly benefit amount. But waiting even longer to claim can result in a higher benefit for life, while claiming earlier will result in a permanently reduced monthly amount. The trick is to know when you should claim, and that will depend upon multiple factors, including your financial need, your health and life expectancy, your marital status, and your plans for working. If all of this sounds confusing, this Investopedia article by Vikki Velasquez should help you determine when it may be best for you to claim Social Security, given your unique personal circumstances. Click here to read more.
Also, if you’re unsure about how these basics apply to you, or if you have any questions about your individual situation under Social Security, note that the AMAC Foundation provides a free-to-the-public advisory service to help Americans navigate the complexities of this program. All questions are answered quickly, at no charge. Learn more about it here…