As many Americans prepare for retirement, the adjustment to the Social Security retirement age necessitates a reevaluation of strategies. The full retirement age (FRA) has increased, with those born in 1960 or later facing an FRA of 67. Claiming benefits early can reduce payouts by up to 30%, while delaying until age 70 can increase benefits by 32%. Individuals over 62 should assess their FRA, while those under 60 may need to adjust retirement plans. Understanding these changes is crucial for aligning financial goals with retirement strategies.
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