Not Sure If You Should Claim Social Security in 2024? Ask Yourself These Questions to Find Out.
Now that 2024 is officially here, you may be gearing up to make certain retirement-related moves. And one of those may be signing up for Social Security. But before you claim benefits in 2024, run through these important questions to make sure that's really the right choice.
Full retirement age, or FRA, is when you're entitled to your full monthly Social Security benefit based on your individual earnings history. If you were born in 1957 or earlier, you've already reached FRA. If you were born in 1958, FRA kicks in at 66 and eight months, so you may reach FRA this year.
You're allowed to sign up for Social Security as early as age 62, so not getting to FRA in 2024 won't prevent you from claiming benefits. But for each month you sign up for Social Security ahead of FRA, your monthly benefit will get a permanent reduction. Before you lock in a reduced benefit, figure out whether waiting a bit longer to file makes sense.
Source Fool.com
