What’s the real impact of claiming Social Security early? Or later?
The rules are pretty simple – if you claim Social Security before you reach your full retirement age you’ll get less; and if you wait until after your full retirement age you’ll get more (“full retirement age,” or “FRA,” is between 66 and 67, depending upon your birth year). So what does claiming before or after your FRA really mean in dollars? Using the average recipient’s benefit amount as a base, this Motley Fool article by Dan Caplinger translates those fractional percentages of monthly cuts or increases into real dollars, making it a lot more understandable for the average person trying to figure out how much they’ll be losing – or gaining – by claiming at an age other than their full retirement age. Click here to read more.