Understanding Social Security benefits is essential for a secure retirement. Filing before your full retirement age (FRA) leads to permanent reductions in benefits. Many mistakenly believe their FRA aligns with Medicare eligibility at 65, potentially causing significant reductions. Additionally, seniors should know their expected benefits before filing. By creating an account on the Social Security Administration's website, individuals can access their earnings statements, providing insight into their entitled benefits based on wage history. This knowledge informs better decision-making regarding retirement finances and planning.
Filing for benefits without knowing your full retirement age can lead to a permanent reduction in benefits, even if claimed just one month early.
It's crucial to know how much you can expect in Social Security benefits before claiming to plan your retirement finances effectively.
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