Will COVID-19 Change Your Social Security Strategy?
As the COVID-19 pandemic rages on, many seniors are facing some tough choices. Should they stop providing child care to their grandchildren? Should they take a leave of absence from work for health-preservation reasons? And should they change their retirement plans -- either pull the trigger early or do the opposite?
All of these are very difficult questions, but here's another one you might be grappling with: Should the COVID-19 crisis make you change your Social Security filing strategy?
Your Social Security benefits are calculated based on your earnings during your top 35 years of wages, and you're entitled to your full monthly benefit based on that calculation once you reach full retirement age, or FRA. FRA is either 66, 67, or 66 and a certain number of months -- depending on your year of birth.
Source Fool.com
