Understanding Social Security
Full Retirement Age (FRA)
Your FRA depends on your birth year. Born 1960 or later: age 67. Claiming before FRA reduces benefits by up to 30%. Delaying past FRA increases benefits by 8% per year until age 70.
When to Claim
Claim at 62 if you need income immediately or have health concerns. Wait until 70 if you can afford to delay and want maximum benefits. FRA is the middle ground with no reduction or increase.
Spousal Benefits
Spouses can claim up to 50% of your benefit at their FRA. Divorced spouses married 10+ years may also qualify. Survivor benefits can be up to 100% of the deceased spouse's benefit.
