Connect with us


83% of Americans don’t know about this crucial retirement number




Chances are, Social Security will eventually play an important role in your retirement. You may need this money to cover your essential bills, such as housing and health care. Or maybe you’ll start your senior year with enough money in a savings plan to meet your basic expenses, but you’ll need Social Security to pay for things like travel and entertainment.

Either way, it’s important to get the most out of your benefits. But if you’re misinformed about Social Security, you could end up locking in a lower monthly benefit for life.

That is the risk most Americans are taking today. Only 17% of people are able to correctly identify their full retirement age (FRA) for social security purposes, according to a recent Fidelity survey. This means that most do not know when they are entitled to receive their full benefits – and so they risk signing up at the wrong time.

Older man and woman with serious expressions while looking at laptop

Image source: Getty Images.

What the retirement age means to you

Your monthly social security benefits are calculated on the basis of your average monthly salary, adjusted for inflation, over your best-paid 35 years in the workforce. You are then entitled to claim this monthly benefit once you reach FRA.

FRA depends on the year of your birth, according to the following table:

year of birth

Full retirement age




66 and 2 months


66 and 4 months


66 and 6 months


66 and 8 months


66 and 10 months

1960 or later


Data source: Social security administration.

You are allowed to register for Social Security before reaching FRA (eligibility starts at 62), but for each month you file early, your monthly benefit will be permanently reduced. Apply for Social Security at 62 with an FRA of 67, for example, and your monthly benefit will take a 30% hit.

This is why it is so important to know your FRA before signing up for benefits. In addition, knowing your FRA can help you better plan for your retirement in general.

In the survey mentioned above, 44% of Gen Xers underestimated their FRA by 67. But that could negate your retirement plans, because if you think you are entitled to all of your monthly benefits from social security at age 65, you will find that this is not the case. case, you may need to scramble to readjust.

Incidentally, you are also allowed to delay your social security claim beyond your FRA. For each year you do, your benefits will increase by 8%, until you reach age 70. So, if your FRA is 67, for example, you have the option of increasing these benefits up to 24%.

Whether you plan to apply for Social Security in your early 60s, mid 60s, late 60s, or 70s, make sure you know your FRA and use it to inform your decision.

And while you’re at it, spend some time reading how Social Security works to put yourself in a better position to make the right call. The program is full of rules and nuances that can help or hurt you, depending on how you look at it, so improving your Social Security knowledge is an important step in planning for retirement.

What Are The Main Benefits Of Comparing Car Insurance Quotes Online

LOS ANGELES, CA / ACCESSWIRE / June 24, 2020, / Compare-autoinsurance.Org has launched a new blog post that presents the main benefits of comparing multiple car insurance quotes. For more info and free online quotes, please visit https://compare-autoinsurance.Org/the-advantages-of-comparing-prices-with-car-insurance-quotes-online/ The modern society has numerous technological advantages. One important advantage is the speed at which information is sent and received. With the help of the internet, the shopping habits of many persons have drastically changed. The car insurance industry hasn't remained untouched by these changes. On the internet, drivers can compare insurance prices and find out which sellers have the best offers. View photos The advantages of comparing online car insurance quotes are the following: Online quotes can be obtained from anywhere and at any time. Unlike physical insurance agencies, websites don't have a specific schedule and they are available at any time. Drivers that have busy working schedules, can compare quotes from anywhere and at any time, even at midnight. Multiple choices. Almost all insurance providers, no matter if they are well-known brands or just local insurers, have an online presence. Online quotes will allow policyholders the chance to discover multiple insurance companies and check their prices. Drivers are no longer required to get quotes from just a few known insurance companies. Also, local and regional insurers can provide lower insurance rates for the same services. Accurate insurance estimates. Online quotes can only be accurate if the customers provide accurate and real info about their car models and driving history. Lying about past driving incidents can make the price estimates to be lower, but when dealing with an insurance company lying to them is useless. Usually, insurance companies will do research about a potential customer before granting him coverage. Online quotes can be sorted easily. Although drivers are recommended to not choose a policy just based on its price, drivers can easily sort quotes by insurance price. Using brokerage websites will allow drivers to get quotes from multiple insurers, thus making the comparison faster and easier. For additional info, money-saving tips, and free car insurance quotes, visit https://compare-autoinsurance.Org/ Compare-autoinsurance.Org is an online provider of life, home, health, and auto insurance quotes. This website is unique because it does not simply stick to one kind of insurance provider, but brings the clients the best deals from many different online insurance carriers. In this way, clients have access to offers from multiple carriers all in one place: this website. On this site, customers have access to quotes for insurance plans from various agencies, such as local or nationwide agencies, brand names insurance companies, etc. "Online quotes can easily help drivers obtain better car insurance deals. All they have to do is to complete an online form with accurate and real info, then compare prices", said Russell Rabichev, Marketing Director of Internet Marketing Company. CONTACT: Company Name: Internet Marketing CompanyPerson for contact Name: Gurgu CPhone Number: (818) 359-3898Email: [email protected]: https://compare-autoinsurance.Org/ SOURCE: Compare-autoinsurance.Org View source version on accesswire.Com:https://www.Accesswire.Com/595055/What-Are-The-Main-Benefits-Of-Comparing-Car-Insurance-Quotes-Online View photos

picture credit


to request, modification Contact us at Here or [email protected]