Step 2a: Social Security Explained
Before you move to the next step, there is a key concept you need to understand: Timing.
1. Timing Your Benefits
- Full Retirement Age (FRA): For most, this is age 67. Filing then gives you 100% of your earned benefit.
- Early Filing: Starting as early as age 62 results in a permanent monthly reduction.
- The Trade-Off: Choose between smaller checks sooner or larger checks later. On the next page, we compare the cumulative lifetime income for both choices.
2. What’s Next
On the following page, you will be able to test different
“What-If” scenarios. You can adjust the ages at which you begin collecting
to see exactly how it impacts your monthly checks and your total lifetime wealth.