Social Security, benefit
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More than 70 million Americans receive Social Security benefits, including retirement, survivor and disability payments.
Each month you claim Social Security before your full retirement age shrinks your benefit by 5/9 of 1% for the first 36 months and 5/12 of 1% for any prior month. Each month you wait to claim beyond FRA increases your benefit by 2/3 of 1% until age 70.
For millions of retirees, Social Security serves as a critical source of monthly income. Each year, beneficiaries often look forward to cost-of-living adjustments (COLAs) that are designed to help those benefits keep pace with inflation.
There are federal rules that shield Social Security from creditors, but you may need to prove it to your bank first.