Ready for Social Security? Not Till You Can Answer These 3 Questions.

Millions of seniors today rely on Social Security to pay the bills -- and you may think the time has come for you to join their ranks. But before you go out and file for benefits, make sure you can answer these important questions.

Your full retirement age, or FRA, represents the age at which you can claim your monthly Social Security benefit in full. FRA is not your only option for taking benefits. You're allowed to sign up as early as age 62, but for each month you file ahead of FRA, your benefits will be reduced on a permanent basis. You can also delay your filing past FRA, and for each year you do, your benefits will grow by 8%, up until you turn 70.

Image source: Getty Images.

Source Fool.com