Two ways to optimize Social Security benefits, known as “file and suspend” and “restricted application,” were eliminated for most pre-retirees by the Bipartisan Budget Act of 2015.
Full retirement age
Nearly three out of four Americans start their Social Security retirement benefits at age 62. What many people don’t realize is that there is a hidden penalty for some retirees who can’t resist early-bird Social Security benefits. Younger Baby Boomers will have to absorb a greater financial hit for claiming benefits at age 62 than older retirees.