Nearly 90% of Americans over age 65 rely on Social Security, and for many, it makes up almost a third of their retirement income. Yet with new rules and updates rolling out—like the SSA’s recent move to phase out paper checks in favor of direct deposit—understanding the system has never been more important.
One of the most critical factors? When you choose to claim benefits.
- If you start as early as age 62, your monthly benefit may be permanently reduced by up to 30%.
- Waiting until your full retirement age (67 for those born in 1960 or later) means you’ll receive 100% of your calculated benefits.
- And if you delay all the way until age 70, your monthly check could be 24% higher than if you claimed at full retirement age.
These choices can add up to hundreds of dollars a month—and tens of thousands over a lifetime.
That’s just one of the four critical facts covered in our free guide: “4 Critical Social Security Facts Retirees Must Know.”
Inside the guide, you’ll also discover:
- What happens if you continue working while collecting Social Security.
- How much of your benefits could be taxed.
- Key rules around spousal and survivor benefits.
