Full Retirement Age (FRA) Changes: By 2025, the FRA will be 67 for those born in 1960 or later, impacting when you can claim full benefits.
Earnings Test Impact: If you’re under full retirement age and continue working, your Social Security benefits could be reduced based on your earnings.
Delayed Retirement Benefits: Delaying Social Security past your FRA (up to age 70) increases your monthly benefits by 8% per year.
Taxable Benefits: Retirees with substantial income may find that their Social Security benefits are taxable, reducing the net amount they receive.
Spousal Benefits: Spouses can claim up to 50% of the other spouse’s benefit if they wait until full retirement age.
Windfall Elimination Provision: Workers with pensions from jobs not covered by Social Security may see reduced benefits due to this provision.
Cost-of-Living Adjustments (COLAs): Social Security benefits are adjusted annually for inflation, but the increase can vary based on the economy.