How Continuing to Work Affects Social Security Benefits
If you are able to continue working while receiving Social Security benefits, you can increase your overall benefit.?In addit...
Read moreIn 2025, Americans born in 1960 are reaching age 65, a milestone that for decades has been associated with retirement. Many people still think of 65 as the age to claim full Social Security retirement benefits. But for those born in 1960 or later, full retirement age is no longer 65; it’s 67.
Full Retirement Age (FRA) is the age at which you can claim 100 percent of your Social Security retirement benefit. Claiming before that age results in a permanently reduced monthly payment. The longer you wait, up to age 70, the more you receive each month.
The FRA was originally set at 65 when Social Security was established in the 1930s. However, in 1983, Congress passed legislation to gradually raise the FRA to reflect increases in life expectancy and to help ensure the program’s long-term financial stability.
Here’s how the Social Security Administration defines full retirement age based on your year of birth:
That means people born in 1960 who are turning 65 in 2025 are not yet eligible for full retirement benefits. They must wait until 2027, when they turn 67, to claim their full monthly benefit. The Social Security Administration offers a retirement age calculator to help people estimate what percentage of their retirement benefits they will get at different ages.
If you choose to claim Social Security benefits before reaching full retirement age, starting as early as age 62, your monthly benefit will be permanently reduced. For example, if your FRA is 67 and you claim benefits at 65, you’ll receive about 86.7 percent of your full benefit amount.
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On the other hand, delaying benefits past your FRA increases your monthly payment. For each year you delay beyond 67 (up to age 70), your benefit grows by about 8 percent annually. So, if you were to wait till you turn 70 years old to start collecting your Social Security payments, your payments would be about 24 percent higher than they would have been if you had started taking payments at age 67.
Knowing your full retirement age is important when planning your financial future. Some key considerations include:
As retirement planning becomes more complex, it’s essential to understand how your age affects your benefits. This will help you make informed choices that will affect your financial well-being for years to come. Contact your elder law attorney to learn about your options for retirement planning.
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Read moreIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
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READ MORESpouses of Medicaid nursing home residents have special protections to keep them from becoming impoverished.
READ MOREIn addition to nursing home care, Medicaid may cover home care and some care in an assisted living facility. Coverage in your state may depend on waivers of federal rules.
READ MORETo be eligible for Medicaid long-term care, recipients must have limited incomes and no more than $2,000 (in most states). Special rules apply for the home and other assets.
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READ MORECareful planning for potentially devastating long-term care costs can help protect your estate, whether for your spouse or for your children.
READ MOREIf steps aren't taken to protect the Medicaid recipient's house from the state’s attempts to recover benefits paid, the house may need to be sold.
READ MOREThere are ways to handle excess income or assets and still qualify for Medicaid long-term care, and programs that deliver care at home rather than in a nursing home.
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READ MOREMost states have laws on the books making adult children responsible if their parents can't afford to take care of themselves.
READ MOREApplying for Medicaid is a highly technical and complex process, and bad advice can actually make it more difficult to qualify for benefits.
READ MOREMedicare's coverage of nursing home care is quite limited. For those who can afford it and who can qualify for coverage, long-term care insurance is the best alternative to Medicaid.
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READ MOREDistinguish the key concepts in estate planning, including the will, the trust, probate, the power of attorney, and how to avoid estate taxes.
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READ MOREWe explain the five phases of retirement planning, the difference between a 401(k) and an IRA, types of investments, asset diversification, the required minimum distribution rules, and more.
READ MOREFind out how to choose a nursing home or assisted living facility, when to fight a discharge, the rights of nursing home residents, all about reverse mortgages, and more.
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READ MORELearn how a special needs trust can preserve assets for a person with disabilities without jeopardizing Medicaid and SSI, and how to plan for when caregivers are gone.
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