Your Full Retirement Age, And How It Affects Your Social Security Benefit - Yahoo! News
Your Social Security “full retirement age” (or “FRA” as it is affectionately known) plays a big part in how much your monthly benefit will be when you claim Social Security. No longer age 65 for everyone (as it was for decades), FRA is now determined by the year you were born – for those becoming eligible for Social Security in 2022, your FRA is 67, the current maximum. Everyone retiring today will have a full retirement age between 66 and 67, and when SS benefits are claimed relative to each person’s FRA has a major influence on their benefit payment; claiming before FRA means a permanently reduced monthly benefit, while waiting beyond FRA means a permanently increased benefit amount. All of this is explained in this Yahoo! News article by Emily Brandon. 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 service to help Americans navigate the complexities of this program. Learn more about it here…