Reported about 1 year ago
Retirement preparation involves thorough planning for Social Security benefits, a crucial income source for many retirees. Understanding how your claiming age permanently impacts benefit amounts is key. Waiting until full retirement age (FRA) gives 100% benefits, while claiming early reduces monthly payments by up to 30%. Delaying benefits past FRA can increase payments by 24-32%, but many mistakenly believe the benefit will increase later. Carefully choosing when to claim is essential to optimize retirement income, with factors like retirement goals and financial situation influencing the decision.
Source: YAHOO