The “New” FRA, and What It Means to New Filers - The Motley Fool; AMAC Foundation

Those reaching age 62 in 2022 will now be subject to a full retirement age (FRA) of 67, and along with that slight adjustment comes a bit of math that new filers need to understand. Specifically, it means that the benefit reduction for filing at age 62 is greater–as much as 30%–and the availability of delayed retirement credits (DRCs) is curtailed a bit. Full retirement age, of course, is the age at which beneficiaries are eligible to receive their full benefit based on the highest 35 years of inflation-adjusted earnings in their work record, and filing before attaining FRA results in a lower benefit amount. Likewise, delaying filing beyond FRA results in a “bonus” DRC equivalent to 8% per year to age 70.

As explained in a post by The Motley Fool’s Christy Bieber in a post today on, the increased discount period and the shortened bonus period make it more important that filers clearly understand the implications of the dte they file to begin receiving benefits. It’s a pivotal decision point–one that is for the most part permanent–and will impact benefits in later years. Read Ms. Bieber’s post here…

Also, know that the AMAC Foundation offers a free-to-the-public advisory service to all folks ageing into–or already in–Social Security. This service provides guidance in understanding the complexities of Social Security and the myriad rules and regulations associated with the process for claiming benefits, with NSSA-accredited Social Security Advisors available via email or telephone to discuss options. Learn more about this service via the Foundation’s website.

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