Nearly Half of Americans Are Falling Into This Social Security Trap

Social Security can be a complicated topic, but knowing at least the basics about how the program works can make it easier to maximize your monthly payments. While you don't need to know everything about the program, there's one important aspect of Social Security that trips up nearly half of Americans -- and it could result in a lower-than-expected benefit amount.

The age at which you begin claiming Social Security will have a significant impact on the amount you receive. To receive the full amount you're entitled to based on your work record, you'll need to wait to claim until your full retirement age (FRA) -- which is either age 66, 67, or somewhere in between, depending on the year in which you were born. You can file for benefits as early as age 62, but doing so will result in smaller payments each month. 

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Source Fool.com