7 Surprising Social Security Rules You Should Know About

Social Security is a complicated program, and an interesting one at that. But while some of the program's rules may be fairly well-known, here are a few you may not be aware of.

You're entitled to your full monthly Social Security benefit, based on your earnings history, once you reach full retirement age (FRA). That age is somewhere between 66 and 67, depending on your year of birth. However, you can file for Social Security as early as age 62, albeit at a reduced benefit.

Many seniors opt to claim benefits ahead of FRA but then regret it after the fact. But if you go that route, you should know that the Social Security Administration (SSA) gives you one do-over in your lifetime. If you regret filing for benefits early, you can withdraw your application and repay the SSA all of the money it paid you within a year. From there, you can file for benefits at a later age and potentially avoid a reduction.

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Source Fool.com