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For Gen X, the full retirement age is 67.
This can significantly increase your lifetime benefits if you live longer.
The higher your benefit amount, the more you will get from cost of living adjustments (COLAs).
There are also benefits to delaying benefits if you continue working past your full retirement age.
Talking to an expert can help you figure out the timing that makes sense for you.
Together, youll consider your current financial situation, including income needs, savings and expenses.
If you need the income to cover basic living costs, starting benefits sooner may be necessary.
Youll also need to consider when you plan to stop working.
Earning above a certain threshold can reduce your benefit temporarily until you reach full retirement age.
Your health and family circumstances are other factors to consider.
Finally, if youre married, consider the benefits available to your spouse.
Delaying one partners benefits can provide a higher survivor benefit for the other.
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