Should You Claim Social Security at 66?
As a retiree, Social Security will probably provide a lot of your income. It's also an income source experts have classified as ideal because it's guaranteed for life, and checks increase periodically so it maintains its buying power. Because of this, you need to understand factors that affect your checks, and one of the most important is the age when you file for benefits.
You could choose to start getting benefits as early as 62, or could claim any time between 62 and 70. But for many people, 66 is the right age. That's because for anyone born between 1943 and 1954, 66 is considered to be your full retirement age.
When you're deciding whether to claim Social Security at 66, you need to know what it means for that age to be your full retirement age. And unless you're turning 66 this year, you also need to understand that FRA is changing, so starting benefits at 66 may not make as much sense for anyone born after 1954.
Source Fool.com
