"When it comes to Social Security, your filing age matters for a big reason - it helps determine how much of a monthly paycheck you get. If you wait until full retirement age (FRA) to claim Social Security, for example, you'll get your monthly benefit without a reduction. If you file before FRA, you'll have to accept a reduced monthly benefit for life. And if you file after FRA, your monthly benefit will be permanently boosted."
"The Social Security benefit you're entitled to in retirement is based on your 35 most lucrative years of earnings. Before you claim your benefits, create an account on SSA.gov or log into an account you created previously and review your earnings record. Make sure to check for underreported income, as that could lead to smaller monthly benefits throughout retirement. If you notice a mistake, contact the Social Security Administration right away and ask what steps you need to take to have it corrected."
"Since your Social Security filing age has an impact on the amount of money you receive each month, it's important to know what benefit you absolutely need. To that end, do two things. First, estimate your annual retirement expenses - things like housing, food, utilities, and healthcare. Next, figure out how much income you can expect to get from your savings."
If you'll be at least 62 years old in 2026, you become eligible to sign up for Social Security, but claiming immediately may not be the best choice. Filing age determines monthly benefit amounts: claiming at full retirement age (FRA) yields no reduction, claiming earlier permanently reduces benefits, and delaying past FRA increases benefits. The benefit calculation uses your 35 highest-earning years, so verify and correct your SSA earnings record. Estimate annual retirement expenses and expected withdrawals from savings to determine how much monthly income Social Security must provide.
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