Millions of retirees now rely on Social Security as their primary source of income. And whenever retirement time comes around, odds are you’re going to be in the same scenario.
You must be very careful when applying for assistance because of this. Choosing your Social Security application age at random could have a negative financial impact on you.
There are a lot of options available when it is to submitting a Social Security claim. As soon as age 62, you can apply for benefits; beyond that, you may legally apply at any time. There are, however, a few essential ages you need to be aware of.
When you reach full retirement age, also known as FRA, you are then eligible to receive your full monthly Social Security benefit according to your lifetime earnings. FRA is 67 for those who were born in 1960 or after. It’s 66 or 66 and a certain amount of months unless you were born earlier.