Overview
- Waiting until age 70 yields the maximum monthly benefit, with roughly 8% increases for each year of delay up to 70.
- Just 10% of surveyed Americans expect to wait until 70, with many citing a need for income and worries over future benefit cuts as trust funds face projected depletion around 2033 with about 77% coverage thereafter.
- A new explainer details the distinct benefit types—worker, spousal, divorced-spousal, children’s, child-in-care, and survivor—with their specific eligibility rules and application steps.
- Key timing rules include earliest filing at 62 with reduced payments, an earnings limit before full retirement age, and no advantage to waiting past 70, with some benefits available to apply for online and others not.
- Spousal benefits can pay up to 50% of a spouse’s Primary Insurance Amount at the claimant’s full retirement age and must be applied for, while survivor benefits generally replace the lower check and can start at 60, or 50 if disabled.