3 Social Security Decisions You’re Bound to Regret
As a senior, you get a lot of power over your Social Security income. Once you turn 62, you'll have the option to claim benefits, and you can do so at any age past that point. But if you're not careful, you could wind up making some very bad choices with regard to Social Security. Here are a few specific decisions you might sorely regret.
Your monthly Social Security benefit is determined by taking your average monthly wage, indexed for inflation, over your 35 highest-paid years in the workforce and applying a special formula to that number. You're entitled to that monthly benefit upon reaching full retirement age (FRA), but you won't get there until you turn 66, 67, or 66 and a certain number of months (it all depends on your exact year of birth).
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