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Home / Business / You must answer these three questions before claiming social security – The Motley Fool

You must answer these three questions before claiming social security – The Motley Fool



Nearly 44 million retired Americans collect social security, and for 48% of married couples and 69% of singles, these benefits represent 50% or more of income. If you plan to receive benefits from social security numbers, it is important that you strategically engage in the most of this revenue stream. Therefore, do not even think about claiming benefits before answering these key questions.

1. What is my full retirement age?

Your full retirement age, or FRA, is when you are allowed to submit social security benefits without having the pension benefit reduced. Remember, benefits are calculated based on lifetime earnings, but the age at which you archive them can change that number for better or worse. Full retirement age is either 66, 67 or somewhere in between, depending on the year you were born, but you are allowed to apply for benefits as early as 62 years. But for every month you require benefits in front of FRA, you I want to reduce them ever so slightly. File several years ahead of FRA, and you can look at a pretty big piece.

  Senior couple taking a nature tour

PICTURE SOURCE: GETTY IMAGES.

Therefore, connect the entire retirement age in memory to avoid incorrect submission at the wrong time. You can consult this table to determine FROM:

Birth year

Full retirement age

1943-1954

66

1955

66 and 2 months

1956

66 and 4 months

1957

66 and 6 months

1958

66 and 8 months

1959

66 and 10 months

1960

67


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