Understand the full retirement age for Social Security
fool.com —
Social Security is crucial for many Americans, providing financial support to retirees and others. A key aspect of the program is the full retirement age (FRA), which determines when individuals can receive their full benefits. Claiming benefits before the FRA reduces monthly payments, while delaying benefits increases them. Spousal benefits also depend on the FRA, with reductions for early claims but no increases for delays past the FRA. For those claiming benefits before their FRA, earnings limits apply. In 2025, the limit is $23,400 for those not reaching FRA, and $62,160 for those who will. Exceeding these limits results in reduced benefits, but adjustments occur once the FRA is reached.