Many people decide to wait until they reach their full retirement age (FRA) before applying for Social Security. In 2024, retirees will reach that milestone sometime between age 66 and 67. So, the Social Security Administration will see a lot of 66-year-olds applying for retirement benefits this year.

Many find waiting until full retirement age to be a solid compromise between claiming as soon as possible at age 62 or waiting until benefits max out at age 70. You're not claiming early, so there's no penalty, but you're not delaying your claim, so there's no added amount, either. It's also the point at which you can maximize your spousal benefits if you're claiming them instead of your personal retirement benefit.

But there are several downsides to claiming at 66. Here's the unfortunate truth.

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Source Fool.com