Social Security at 66 vs waiting until FRA (66 and 10 months) - any downsides to filing now?

Yes, there is a downside. If you file before your FRA of 66 and 10 months, your benefit will be permanently reduced by approximately 0.56% for each month before your FRA that you claim. So filing at 66 means you'd take about a 5.6% permanent reduction in your monthly benefit amount. You're correct that the earnings test no longer applies once you reach age 66, so your work income won't cause any benefits to be withheld. But the reduction for filing early still applies until you reach your exact FRA. If maximizing your monthly benefit is important, waiting until November would be better. If you need the money now, you need to weigh if that 5.6% reduction for the rest of your life is worth getting payments sooner.

i filed at 66 exact and my FRA was 66 and 8 months. nobody told me about the reduction and i was SHOCKED when i got my first payment. about $120 less per month than what the SSA estimate said id get. wish i had waited those extra months!!

If you're trying to maximize your lifetime Social Security benefits, you should consider a few things: 1. The reduction for filing before your FRA is 5/9 of 1% per month for the first 36 months and 5/12 of 1% for months beyond that. In your case, filing 10 months early means approximately a 5.6% permanent reduction. 2. With an average retirement benefit around $1,900 in 2025, that 5.6% reduction could mean approximately $106 less per month for the rest of your life. 3. The earnings test doesn't apply after FRA, but it also doesn't apply in the year you reach FRA for earnings after the month you reach FRA. Since you're already 66, you're correct that the earnings test no longer applies to you. 4. If you're still working, consider whether you need the money now. If not, waiting even those 10 months will give you a higher monthly benefit for life. 5. Don't forget that your benefit amount will still receive COLA increases regardless of when you file.

wait till november!!! i didn't wait and regret it every month when i see my deposit. once you take the cut its FOREVER

I was in a similar situation last year and wanted to share what I learned. The reduction is permanent if you file before your exact FRA. For me, waiting those extra 8 months meant about $90 more per month for the rest of my life! The problem is, the SSA is nearly impossible to reach by phone to ask these questions. I spent DAYS trying to get through. Finally found a service called Claimyr (claimyr.com) that got me connected to a real SSA agent in under 15 minutes. They have a video showing how it works: https://youtu.be/Z-BRbJw3puU The agent confirmed everything about the reduction and helped me calculate exactly what I'd lose by filing early. Made my decision much easier. If you need specific numbers for your situation, I'd recommend trying to actually speak with SSA.

For what it's worth, I was in EXACTLY your position last year! My FRA was 66+8 months but I started at 66. I figured "close enough" LOL. I didn't realize it would reduce my benefit at all since I was past 66. No one explained this to me! Now I'm getting $137 less EVERY MONTH than if I'd just waited those 8 months. That's over $1,600 a year I'm missing out on. AND IT NEVER GOES AWAY! Even when they do the COLA increases, it's a percentage on my already-reduced amount. WAIT THE 10 MONTHS! Future you will thank you!!!!

What if you need the money NOW though? Everyone's saying wait wait wait, but what if you actually need the income right now? Sometimes we don't have the luxury of waiting for the "perfect" time. I filed 7 months before my FRA because I had unexpected home repairs. Yes, I'm getting less, but I NEEDED that money then. Just saying that sometimes the mathematically perfect answer isn't the right one for everybody's situation.

One more thing to consider: if you wait until your FRA in November, you'll also have the option to file a restricted application for spousal benefits only (if you're married and your spouse is already collecting), while letting your own retirement benefit continue to grow until age 70. This strategy isn't available if you file before your FRA. It could potentially be worth tens of thousands of dollars over your lifetime if you're in a position to use it.

guys wait what about delaying past FRA?? nobody mentioned that yet. doesnt your benefit grow 8% per year until 70? maybe OP should consider waiting even longer than just til november??