The Significance of Your Full Retirement Age in Social Security Benefits
Sunday, 17 March 2024, 11:07
The Importance of Full Retirement Age
Despite its complexity, Social Security revolves around one crucial number—the full retirement age, which influences your monthly benefit amount.
Factors Affecting Benefits
- Claiming Early: Reduces monthly benefits by percentages depending on how far ahead you claim.
- Spousal Benefits: Also affected by age, with reductions applied for early claims.
- Delaying Benefits: Offers an annual increase until age 70, after which there's no further raise.
Understanding these factors is essential for making informed decisions about your retirement strategy.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.