Social Security is an important income source in retirement, but many Americans misunderstand key rules. The full retirement age (FRA) for Social Security varies based on birth year, not fixed at 65. Misconceptions about FRA can reduce benefits by thousands of dollars. It’s crucial to know your actual FRA before claiming benefits. Understanding the correct FRA can prevent costly mistakes and ensure reliable retirement income. By maximizing Social Security benefits, retirees can potentially receive an additional $23,760 annually. Educating yourself on Social Security rules can lead to a more secure retirement.

Read more at Nasdaq: Odds Are You’re Wrong About This Basic Social Security Rule