Your Full Retirement Age is when you can claim 100% of your Social Security benefits without any reduction. For most people today, that's between 66 and 67, depending on your birth year. You can claim Social Security as early as 62, but your monthly benefit will be permanently reduced. Wait until after your FRA, and your benefit increases for each month you delay, up until age 70.

Knowing your FRA helps you weigh the trade-offs: Do you need income now, or can you afford to wait for a larger monthly benefit? It's a personal decision that depends on your health, finances, and life circumstances.