You are allowed to claim benefits earlier than FRA. In fact, you can claim as young as 62. However, doing so would result in a reduction in your standard benefit.

You can invest as much as you want in an annuity, but balances tend to range from $200,000 to $1 million, according to Ken Nuss, founder and CEO of AnnuityAdvantage.

Benefits are based on a percentage of your average wage The first key factor that determines how much money you get from Social Security is the wages you earned throughout your career. The Social ...