Deciding when to claim Social Security impacts not only your lifelong income but also the benefits your spouse receives after your passing. This decision is critical.
Before claiming Social Security, it is essential to check your full retirement age (FRA) to ensure you receive your standard benefit without early filing penalties.
Claiming Social Security early could lead to substantial reductions in benefits. For instance, claiming at 62 with an FRA of 67 reduces your benefits by 30%.
Delaying Social Security benefits past your FRA can significantly increase your total lifetime income. Each year you wait earns an additional 8% boost in benefits.
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