If you have ever wondered whether you might be leaving Social Security benefits on the table, you are not alone. There are some questions most Americans consistently get wrong—and understanding the real answers could put a few thousand dollars back in your pocket. Let us walk through the top five, naturally and simply, like we were chatting over coffee.
What is the earliest age you can claim benefits?
A lot of folks think 62 is the earliest age you can start collecting. That is true—but with a catch. You actually have to be 62 for the entire month to be eligible. If your birthday falls later in the month, Social Security considers the “month after” your age-up month as your eligibility start. That tiny detail trips up plenty of people.
And keep in mind, claiming at 62 is considered “early.” That means your monthly benefit could be reduced by up to 30 percent. Depending on your situation—maybe you need the money, maybe you expect a shorter lifespan—it could be worth it. But for many, waiting a bit may mean a lot more over time.
What age gives you the highest monthly benefit?
Here is a big one: most people do not know that waiting until age 70 gives you the maximum monthly benefit. You might think it grows indefinitely—but it does not. Once you hit 70, your benefit stops increasing. So yes, delaying up to 70 can be smart. But any later, and you are simply saying, “Here is extra time I could have been collecting.”
What is full retirement age?
When you hear “retirement age,” you probably think 65, right? That is a common answer—but wrong for many people today. If you were born in 1960 or later, your full retirement age (FRA) is actually 67. The FRA used to be 65, but lawmakers raised it for younger generations—so a lot of people guess it is still 65 when really it is not.
If you claim at FRA, you get your full benefit—no deductions for claiming early, and no boosts for waiting either. It is the neutral point.
Can you claim benefits on an ex-spouse’s work record?
This can still surprise a lot of people. Yes, you can claim on an ex’s work record—but only if your marriage lasted at least 10 years. Divorce before that? No luck. If you did stay married at least 10 years, and you do not remarry, you could claim based on their record—even if they have since remarried. That one could yield a nice bump if your own work record is modest.
Will you get back what you lose to the earnings test?
If you claim before FRA and keep working, any earnings above the limit mean you lose some benefits. That can feel unfair—like you are just handing money to the government. The good news: Social Security makes it up later. Once you reach your FRA, your monthly benefit gets permanently increased to offset what was withheld earlier.
It may sting at first, but it is not a permanent penalty. And yes, that is something most people do not realize.
Why these matter
By understanding these five common mistakes—claiming too early, not knowing full retirement age, missing opportunities from ex-spouse records, misunderstanding the earnings test—you can weigh your personal situation better. That could translate to several thousand dollars more over time.
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