Social Security benefits can be claimed between the ages of 62 and 70. However, every retiree has been given a full retirement age (FRA) based on their birth year. FRA is the age you get your standard benefit. Claiming anytime before FRA will shrink that standard check amount, leaving retired workers with less to live on. Delaying beyond FRA, however, would increase benefits due to delayed retirement credits.
The impact of an early claim can be quite substantial, and those who file for benefits at a young age may not receive nearly as much money from Social Security as they may have hoped for. Let’s take a look at the average Social Security benefit among early claimers to better understand how benefits are affected.
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