You can, however, choose to claim as early as 62. If you do so, however, you'll be penalized. Each month before your FRA incurs a penalty of 5/9 of 1% (for the first 36 months prior to turning 67) and 5/12 of 1% (for the next 24 months). All told, you could lose as much as 30% of your intended PIA.

In 2025, the United States will see significant adjustments to Social Security, impacting cost of living adjustments, retirement age, and benefits. Understanding these changes is crucial for those planning their retirement strategy.

In 2024, the life expectancy for someone born in 1959 was 74 for men and 80.1 for women, according to a Social Security report. The report predicts continuing increases in life expectancy, which translates into even more years that beneficiaries will receive Social Security checks.

Technically, you don't have to take Social Security when you retire. It's possible to leave your job at 62 and then wait until 70 to file for benefits. However, you'll need to rely on other sources of income during those years in between, which can take a hefty toll on your savings.

The first round of January’s Social Security payments, worth up to $5,108 for the highest-income earners who retire at age 70, goes out to the first group of retirees today. Here is all you need to know about this month’s Social Security payments, which go out in three rounds.

You'll have the best chance of staying comfortable in retirement if you have other sources of income to supplement your Social Security benefits.

KEY TAKEAWAYS Throughout his campaign, Donald Trump has pledged to protect retirement age and not cut Medicare or Social Security funding.He also proposed eliminating income taxes on Social Security benefits.

Social Security beneficiaries who were born between the 1st and the 10th of a month will receive their regular monthly checks on Jan. 8, 2025.

My wife will reach her full Social Security benefit at 66.5 years of age which is just under 2 years away for her now. If she were to begin to get her monthly check now (i.e. early), would that prevent her from being eligible for the spousal benefit to receive half of what I am currently drawing?

I turned in my forms to the local Social Security office within the correct window, but that office lost my paperwork and now refuses to accept it.