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Social Security

The Social Security Decision That Could Cost You Thousands – Government Confirms Key Date for Retirees

by G3 News
07/23/2025 11:36

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Some may find it difficult to believe that we have already passed half of 2025, and we all know that the remaining of the year will fly past us as summer vacations, fall and holiday preparations start to occupy our calendars.

However, in between all the hustle, some might be preparing for an important financial aspect and that is signing up for Social Security. Even though this might seem like an exciting step, beneficiaries must be mindful when filing for benefits and be sure to take some time to answer these three critical questions first.

  1. Are You at Full Retirement Age Yet?

Your full retirement age (FRA) is the age at which you are eligible to claim your Social Security benefits in full, without any reductions. For anyone born in 1960 or later, that age is 67.

However, beneficiaries must note that they do not have to wait until then. Recipients can file for benefits from the age of 62, however there is a catch. If you file early, you will receive lesser benefit payment and this will be permanent. Many people may find that this works for them especially if they need the income sooner rather than later. It is important to note whether this amount will suffice for your budget, for the rest of your life.

In addition to this, the latest report from the Social Security Trustees suggests that benefit cuts may be needed within the next decade to ensure that system remains for the future. If you claim early and those cuts hit, your future income could take an even bigger hit.

  1. Are You Still Working?

It can be noted that you can still work and collect Social Security simultaneously. However, if you haven’t reached FRA, and you’re still earning an income, be mindful of the earnings test.

In 2025, if you are under FRA for the entire year, you can earn up to $23,400 without penalty. Should you exceed this limit, then Social Security may withhold a certain portion of your benefits. If you reach FRA in 2025, the higher limit of $62,160 applies instead and only earnings before your birthday is counted.

Once you reach FRA, the earnings cap is completely eliminated.  So, if you’re still working and earning a decent income, it might be worth delaying your claim until you reach that milestone. You could avoid benefit reductions and potentially boost your monthly check in the process.

  1. Have You Coordinated With Your Spouse?

Should both you and your spouse be eligible for benefits, it would be a smart idea to plan when each of you files. In some cases, it might be beneficial for one spouse to claim early while the other delays, this is obviously dependant on your age, income, and life expectancy.

If only one of you qualifies for Social Security, the timing of your claim matters even more. Delaying your benefits could lead to a higher survivor benefit down the line. Each year you delay past your FRA, up until age 70, your benefits increase by about 8%.

Don’t Rush the Decision

As part of your 2025 to-do-list, filing for Social Security might seem like something to tickoff, but it is important to think about your options. Keep up to date with verified information and consult with professionals so that you are able to make wise financial decisions. The choices you make now may affect your future income

Consult with a financial advisor if you are unsure about a way forward. Always remember, the more informed you are, will lead you to a better position to having a stress-free retirement.

Disclaimer: This is a journalistic article and may contain inaccuracies. Our content is based on information gathered from official sources and reputable media outlets. For more details, please refer to our Disclaimer Page.

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