Overview
- Waiting until age 70 raises monthly retirement benefits to about 132% of the full retirement amount, and there is no further increase past 70.
- Starting as early as 62 is allowed but permanently reduces monthly payments, with 2025 examples showing roughly a 30% cut at that age.
- Full retirement age is 67 for people born in 1960 or later, and spousal benefits follow specific rules on eligibility, timing, and choosing between your own or a spousal payment.
- Working before full retirement age can trigger temporary benefit withholding under the earnings test, which the Social Security Administration later recalculates to credit withheld amounts.
- You can withdraw an initial claim within 12 months if circumstances change, though all received benefits must be repaid, and surveys show most people still plan to file before full retirement age.