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.

When it comes to personal finance, retiring is a big life shift. Moving away from working full time, focusing on family, travel or interests, and making your money work is all a balancing act.

As we step into 2025, you may be setting financial goals. While you're at it, you should also keep tabs on the Social Security changes this year.

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 won't keep you in suspense. The average 69-year-old retired worker gets $1,945.18 per month from their Social Security benefits. This is an overall average of the roughly 2.9 million people who collect Social Security retirement benefits who are 69 years old now.