Social Security: Why Patience Doesn't Always Pay Off
They say patience is a virtue, and when it comes to Social Security, it certainly can be. That's because filers who delay their Social Security claims are rewarded financially.
You're entitled to your full monthly Social Security benefit based on your personal wage history once you arrive at your full retirement age (FRA). That age is either 66, 67, or 66 and a specific number of months, depending on your year of birth.
But you don't have to file for Social Security at your precise FRA. You're allowed to sign up as early as age 62, but filing at any point ahead of FRA will result in a reduced benefit for life. Similarly, you can delay your filing past FRA and lock in a higher monthly benefit for life in the process.
Source Fool.com
