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The ongoing Saga of Social Security’s “Full Retirement Age”
Although, for many years, age 65 was considered to be the normal retirement age, for Social Security purposes that changed with legislative changes made in 1983. In that year, legislation was enacted which gradually raised the age at which full Social Security benefits are available from age 65 to age 67, a transition which has been taking place for decades. Now, for those born in 1960 or later, full Social Security benefits are not available until age 67, although reduced benefits can be claimed earlier. To sort all of this out, this Newsweek article by Aliss Higham takes us through the history of Social Security’s full retirement age (FRA), and explains how claiming at an age either before, or after, FRA affects your monthly benefit. 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…