"Your monthly Social Security benefits are based on your lifetime wage history - specifically, the amount of money you earned during your 35 most profitable years in the labor force. From there, your filing age will dictate whether you get your monthly benefits in full or not. You're eligible for your Social Security benefits without a reduction at full retirement age (FRA), which is 67 for anyone born in 1960 or later."
"Ramsey's argument for taking Social Security is twofold. First, he says, if you take your benefits early and invest them, you can potentially come away with more money than what you'd get by waiting. Secondly, Ramsey says, Social Security payments die with you. If you don't live a particularly long life, you could short yourself on total Social Security income by waiting until FRA or beyond to take benefits."
Monthly Social Security benefits are calculated from the 35 highest-earning years and are adjusted by the age at first filing. Full retirement age (FRA) is 67 for those born in 1960 or later, with eligibility to claim as early as 62 or to delay until age 70 for larger monthly checks. Many financial advisers recommend waiting until FRA, especially when outside income is limited. One viewpoint recommends claiming early to invest the payments and to avoid losing potential lifetime benefit if lifespan is short. That early-claim strategy contains identifiable practical and financial flaws.
Read at 24/7 Wall St.
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