Decided to Take Social Security? Do These 3 Things First

One of the most important retirement decisions you'll make is choosing when to claim Social Security benefits. The age you begin claiming benefits will permanently affect how much you receive each month, so it's not a decision to be taken lightly.

To collect the full benefit amount you're entitled to, you'll need to wait until your full retirement age (FRA) to claim -- which is somewhere between 66 and 67 years old, depending on the year you were born. Claim before that age, and your benefits will be reduced. But delay claiming until after your FRA, and you'll receive extra cash each month on top of your full benefit amount.

Because the age you file for benefits will affect the rest of your retirement, it's important to choose wisely. Once you've decided to start claiming, consider these three things to make sure it's the right time to file.

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Source Fool.com