Filing for Social Security at 65 can lead to significant reductions in monthly benefits for those born in 1960 or later, potentially leading to a 13.34% decrease. While it coincides with Medicare eligibility, there’s no obligation to file for Social Security at that time. Individuals can choose to claim as early as 62 or delay until 70 for increased benefits. Delaying increases benefits by 8% annually past full retirement age, but reductions from early filing can limit financial security, particularly for those reliant on Social Security.
Claiming Social Security at 65 means filing two years prior to FRA if you were born in 1960 or later. That means you could be looking at a permanent 13.34% reduction in your monthly benefits, more or less.
There's no requirement to claim Social Security in conjunction with Medicare, so don't let that drive your decision.
For each year you opt to hold off Social Security past FRA, you get an 8% boost. However, your benefits won't increase beyond the age of 70.
Claiming Social Security at 65 could mean shrinking your monthly benefits for life.
Collection
[
|
...
]