Few factors will have as big of an impact on your retirement income as the age you begin claiming Social Security.

Nearly 90% of current retirees depend on their benefits to some degree, according to a 2023 poll from Gallup. The age you begin claiming can affect your payments by hundreds of dollars per month, so choosing the right time to file is one of the most important retirement decisions you'll make.

Age 67 is the full retirement age (FRA) for everyone born in 1960 or later. By filing at FRA, you'll receive the full benefit you're entitled to based on your career earnings. While your benefit will depend on your unique work history, it can be helpful to see how much the average person receives at this age.

Continue reading

Source Fool.com