There's a Huge Misconception About Social Security's Full Retirement Age -- and It Has the Potential to Hurt Your Finances
One nice thing about Social Security is that you get choices when it comes to signing up. You can file for benefits any time after you turn 62. But you're not entitled to what the program considers your full Social Security benefit (calculated based on your personal earnings history) until you reach your full retirement age, or FRA.
In a recent MassMutual survey, older Americans were asked whether 65 constitutes FRA for Social Security for all seniors, regardless of their year of birth. For the record, it does not. But only 55% of respondents got that question correct.
In fact, if you haven't retired yet, 65 is definitely not your FRA. And if you don't know your FRA, it's imperative that you acquire that information well ahead of your filing decision.
Source Fool.com
