4 Social Security Mistakes to Avoid in 2021
After a wild 2020, we all want to start fresh in 2021. To have the most stable year possible, you'll need to be careful when it comes to Social Security. Here are a few mistakes to avoid in the next 12 months.
Your full retirement age, or FRA, is when you're entitled to your full monthly Social Security benefit based on your earnings history. It's based on your year of birth. If you were born in 1955, your FRA is 66 and two months. That means you may reach FRA at some point in 2021, but not necessarily at the start of the year, so pay attention to dates.
For those born prior to 1955, FRA was 66 on the nose, but next year, FRA is rising, so don't accidentally claim benefits a few months early if that's not your intention. While you're allowed to file for Social Security beginning at age 62, each month you claim benefits ahead of FRA will result in a lifelong reduction.
Source Fool.com
