The Most Important Social Security Number You Need to Know
Age 62 is the earliest age to claim Social Security. Age 70 is when credits for delaying your benefits stop accruing. There's an important number between those two that you should really be aware of: your full retirement age, or FRA.
Why is FRA important? It's simple. That number could be the difference between reducing your monthly benefit in retirement or enjoying a higher income stream for life.
Your monthly Social Security benefit is calculated by taking your average monthly wage during your 35 highest-paid years of earnings, adjusting that wage for inflation, and then applying it to a special formula. You're not entitled to collect that benefit in full until you reach FRA.
Source Fool.com
