Definition

Full retirement age is when you can claim your full, unreduced Social Security benefit; it is 67 for those born in 1960 or later. Claiming before FRA permanently reduces the monthly amount, while delaying past it earns delayed-retirement credits until age 70. FRA is the reference point for every claiming decision.

1. Social Security Claiming Strategies: When to Claim for Maximum Benefit

   Claiming Social Security at the wrong age can cost you tens of thousands of dollars over your retirement. Here is how to think through the optimal claiming strategy for your situation.
   retirement

1. Social Security

   A federal program paying inflation-adjusted retirement income based on your work history.
2. 4% Rule

   A guideline that withdrawing about 4% of a portfolio in year one is likely to last 30 years.