Overview

• Full retirement age is 67 for people born in 1960 or later, while benefits can start at 62 with a reduced amount.
• Waiting until age 70 provides the maximum monthly benefit available based on your work record.
• The typical American retires around 62, a gap linked to health issues, caregiving responsibilities and layoffs, according to NCHstats.
• Primary earners who delay can increase potential survivors benefits for spouses and dependent children.
• Delaying to 70 can suit late savers, people in high-cost areas, or those aiming to preserve assets for heirs.