This critical Social Security rule permanently changes in November — with less than 90 days to prepare. Are you ready?

In less than three months, the Social Security Administration will set the Full Retirement Age (FRA) at 67 for individuals born in 1960 or later, finalizing a 43-year phase-in that began in 1983. For those nearing this age, it's crucial to adjust retirement plans accordingly, as claiming benefits before the FRA reduces the benefit amount, while delaying it can increase the benefit.

This change may seem minor, but it can have significant implications for retirees, potentially leading to decades of underpayment from a single miscalculation. To avoid any confusion, it's advised to confirm one's actual FRA by logging into the My Social Security account on ssa.gov and reviewing the personalized statement. If necessary, alternative income sources like a Home Equity Line of Credit (HELOC) or a Certificate of Deposit (CD) can help bridge any potential gaps in retirement income.

Seeking assistance from a professional tax advisor or financial planner can also provide valuable guidance in navigating these Social Security changes.