Let’s face it guys, we are becoming a little older each day and those of us at or near retirement, older Baby Boomers, need to be focusing on our Social Security claiming strategy like a laser beam. Recently, I became aware of a book I would highly recommend to anyone facing their personal Social Security decision, entitled “Social Security Strategies” by Dr. William Reichenstein and William Meyer.1
Many of us will take the position: “I cannot wait until I become eligible to start taking Social Security.” Currently, the age is 62. Not so fast. Waiting longer will often result in higher monthly payments. Full Retirement Age (FRA) for those born between January 2, 1945 and January 1, 1957 is 66. At 66, individuals will receive 100% of their Primary Insurance Amount (PIA), which is the monthly dollar amount. To see your personal FRA and PIA, look at your annual Social Security Statement.