Ok, you’ve made it through Age 62, Medicare and now, now it’s time to make yet another choice regarding your Social Security.
Warning: If you chose to take Social Security prior to your Full Retirement Age, then this blog may not be applicable.
FRA is different for different age groups. The following table shows when you may obtain FRA, based on your Year of Birth
Full Retirement and Age 62 Benefit By Year Of Birth
Choices to make:
- While you may now take your Social Security benefit without penalty, you’re still subject to being taxed on your Social Security benefits, if you earnings are higher than the allowable maximum.
- If you take your FRA now, you will “Freeze” any additional growth of your benefit. In other words, your benefit is guaranteed to continue growing until you reach age 70.
What to Do; Three Scenarios:
- Ready to Retire
- Part Time Work
- Work until 70
For more information or to learn more please contact us to set up a time to meet with one of our advisors.