Overview

• Rules allow benefits at 62, full retirement age is 67 for those born in 1960 or later, and delaying beyond full retirement age boosts payments by up to 8% per year until 70.
• A breakeven example shows a $2,000 full‑retirement‑age benefit requires living to about 78 years 8 months to outperform claiming at 62, and roughly 80 years 5 months if waiting to 70.
• Working before full retirement age can trim checks in 2025: benefits are reduced $1 for every $2 earned above $23,400, and $1 for every $3 above $62,160 in the months before reaching full retirement age.
• Medicare begins at 65, creating a three‑year coverage gap for those who file at 62 that may force larger withdrawals from savings during market downturns.
• Many still file early or at full retirement age—SSA data show 66 was most common in 2023—often due to income needs, health or household strategy, while advisors caution that insolvency fears are likely overstated.