Deciding when to start Social Security is one of the most important retirement decisions you’ll make. Read more
There are many factors to consider, including your personal financial situation. Here are six steps that will help you make the right call.
The article includes a link to the Social Security Administration's retirement age calculator, which confirms full retirement age for individuals depending on the year of their birth. It also shows the month-by-month impact of delaying taking benefits.
For example, if you were born between 1943 and 1954, your full retirement age is 66. If you take benefits at 62, your benefit is reduced to 75% of the FRA (full retirement amount). However, for each month after 62 that you postpone taking benefits, you receive a slightly larger (although still reduced) amount. At 62 years + 6 months you will receive 77.5% of the FRA.