When planning for retirement, the age at which you claim Social Security benefits is crucial, as it affects your monthly payment amount. This window typically ranges from age 62 to 70, with full retirement age being 67 for those born in 1960 or later. Factors to consider include your savings, health, and potential survivor benefits for your spouse. Evaluating these elements thoroughly before making a decision can help ensure better financial security in retirement.
Claiming Social Security is one of the most significant things you might do in the course of retiring, making it essential to carefully consider your filing age.
Your Social Security filing age will help determine how much money the program pays you each month for life, so asking the right questions is vital.
Even if you enter retirement with plenty of savings, you could technically end up in a situation where you run out. Adequate savings can help prevent this.
Your full retirement age (FRA) is the age when you can claim your complete monthly Social Security benefit without a reduction, which is 67 for anyone born in 1960 or later.
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