1. Your full retirement age (FRA) is crucial for determining your Social Security benefits. Claiming before your FRA results in a permanent reduction in your monthly benefit, especially if you earn over a certain amount.
2. Social Security benefits revolve around your FRA, impacting the amount you receive. Delaying benefits past your FRA can increase them, while claiming early results in significant deductions.
3. Spousal benefits are also affected by your FRA, with claiming before it leading to reduced benefits. Earning a certain amount while claiming benefits early could further reduce your benefits.
4. Many retirees overlook a $23,760 Social Security bonus that could significantly boost their retirement income. Understanding your FRA and maximizing your benefits can lead to a more secure retirement.

Read more at Nasdaq: Social Security Wisdom: One Key Piece of Advice for All Retirees