Should You Claim Social Security at 66?
If you were born in 1954, then 2020 marks a big year on the Social Security front. That's because it's the year you turn 66, which represents full retirement age (FRA) for Social Security purposes. Once you reach FRA, you're eligible to collect your full monthly benefit based on your earnings history.
But should you actually claim benefits at age 66? Or does it pay to wait longer?
The Social Security Administration (SSA) actually lets you claim your benefits as early as age 62, but for each month you file before FRA, your monthly benefit is reduced by a certain percentage. That's why it's often advisable to wait until at least FRA to sign up -- so you don't reduce what could be a very important income stream for life.
Source Fool.com
