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Don’t think about claiming Social Security if you can’t answer these questions

Social Security is the main source of income for many seniors.

social security benefit application

You probably aren’t ready to claim if you can’t answer these three questions.


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What is your full retirement age?

You can start collecting benefits as early as 62. However, you’ll get the most money if you wait until your full retirement age (FRA) to start collecting. Read more about it here.

Your FRA is important as it impacts how much money you’ll get monthly. If you were born in 1960 or later, your FRA is 67.

If you were born before 1960 your FRA is 66 or 66 and some months, depending on your birth year.

If you start to claim before FRA, your benefits are reduced by 30%.

How much will you get every month?

Benefits depend on your birthday and earnings. One of the easiest ways to plan is by using Social Security’s Quick Calculator. In order to calculate, you’ll have to provide your birthday and earnings. The tool will then approximate your benefits.

How will you claim?

There are many different things to consider when you decide to start collecting. Being on the same page as your spouse about how you both intend to claim is important. This is because the process looks different for many people.

Many couples claim their benefits at the same time. Others delay the benefits to maximize them. Some couples find it makes more sense to claim at separate times.


Guaranteed income program application opens soon

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