Overview

• For people born in 1960 or later, age 67 is the full retirement age when the unreduced benefit becomes available.
• Monthly payments are calculated from lifetime earnings and years worked, with adjustments based on the age you file.
• Claiming at 62 can cut benefits by as much as 30%, while waiting until 70 can raise them by up to 24%.
• Nearly 70 million Americans receive Social Security, including retirees, spouses, disabled workers, survivors, and dependents.
• Setting up a my Social Security account provides contribution histories and benefit estimates as trustees warn of a projected funding shortfall and advisers urge multiple retirement income streams.