When you collect Social Security, your benefit amount is called your primary insurance amount (PIA), which is based on a percentage of your average monthly earnings during your 35 highest working years.
Early filing for Social Security can result in reduced benefits. If you want the full amount, you should aim to claim benefits at your full retirement age (FRA), which varies depending on your birth year.
The full retirement age has been gradually increasing due to 1983 reforms, affecting those born after 1954. If born in 1959, your FRA is now 66 years and 10 months.
If you turn 66 this year and want your standard benefit without reduction, you will need to wait until 2026 to start receiving payments.
#social-security #retirement-planning #full-retirement-age #benefits-calculation #early-filing-penalties
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