Overview
- The Social Security Administration confirms that people born in 1960 or later reach a full retirement age of 67 starting in 2026, the final step from the 1983 law.
- Claiming at 62 remains allowed but permanently cuts monthly checks by up to about 30% compared with waiting for full retirement age.
- Delaying benefits increases payments, with claims at 70 worth roughly 124% of the amount at age 67, according to investment firm calculations cited in recent reporting.
- Using the SSA life expectancy calculator, analysts show many retirees maximize lifetime income by waiting until 70, though individual health and circumstances matter.
- Age 62 is still the most common claiming age as many lack savings or fear program finances, and experts note the retirement trust fund faces a projected shortfall within the next decade unless Congress acts.