This class provides essential information for making informed decisions to secure a financially stable retirement.

Deciding When to Claim:

You can start receiving benefits as early as age 62, but delaying benefits until your full retirement age (FRA) or even until age 70 can significantly increase your monthly payment.

Understanding Full Retirement Age (FRA):

Your FRA is based on your birth year and is the age at which you qualify for 100% of your benefit amount. Claiming before this age reduces your benefits, while delaying increases them.

Strategies for Couples:

Couples should coordinate their claiming strategies to maximize total benefits. This might include one spouse claiming early while the other delays benefits to increase the higher earner's monthly payment.

Consider Work Impact:

If you claim benefits before reaching FRA and continue to work, your benefits may be temporarily reduced if your earnings exceed certain limits. However, these reductions are not truly lost; your benefit amount will be adjusted upward at your FRA to account for benefits withheld due to earlier earnings.

Check Your Earnings Record:

Ensure your earnings record with the Social Security Administration is accurate, as it directly impacts your benefit calculations. You can check your record through the “my Social Security” online account.