January 21, 2022

turning 66 in 2022? This is the first new social security rule you need to know | Personal Finance

Data source: Social Security Administration.

As you can see, if you celebrate your 66th birthday in 2022, your FRA will be 66 and four months – two full months later than for people who turned 66 last year and four months after most retirees before you.

As a result of this change, if you want your full benefit without penalties, you’ll have to wait an additional two months to get it. Unfortunately, this is an actual reduction in benefits, as in the future you will be faced with giving up two months of income this year or accepting less with each monthly check.

It also means that if you maximize your deferred retirement loans, you’ll still get two months less of it compared to what retirees could earn in previous years. So the amount you can extend your benefits by waiting to apply for them is reduced.

Make sure you’re aware of this big change when you’re making a decision about when to start taking Social Security checks — and when calculating how much income your monthly benefits could bring.

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