A child’s benefits can only begin once their parent has begun receiving retirement benefits. If a parent claims Social Security before their full retirement age, both their benefit and their child’s benefit will be reduced. However, claiming early for a reduced amount could still mean some families come out ahead financially.

There’s a rumor circulating that Social Security is headed toward bankruptcy. And thankfully, that rumor isn’t true. Social Security can’t completely go bankrupt because it gets funded by payroll taxes.

Understanding your Full Retirement Age (FRA) is crucial for optimizing your Social Security benefits. This pivotal number determines when you can claim full benefits and how much you'll receive.

For one thing, you get the company of someone else at a time when you're not busy working every day and you may have a greater need for company. Also, if both you and your spouse have savings, you can pool that money and stretch it by sharing expenses like housing and transportation.

There's a magic number to know that can help you maximize your Social Security income when you are ready to retire. Trending Now: Need to Cut Expenses While on Social Security? Here's the First