When should you claim Social Security benefits? That’s tough to answer, especially since 91% of older adults don’t understand the factors that determine how much their Social Security benefits will be.
You can claim Social Security benefits any time starting at age 62, but your standard benefit amount is based on retiring at full retirement age (FRA) — which is 67 if you were born after 1960. For each month before FRA that you claim benefits, benefits will be reduced, while benefits will increase for each month you delay after FRA, up until age 70.
Because Social Security provides guaranteed income […]
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