Social Security Full Retirement Age: When to Claim Benefits
Full retirement age is 66–67 depending on birth year. Learn how claiming at 62, 67, or 70 affects your monthly benefit.
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Key Takeaways
- 1Full retirement age (FRA) is 67 for anyone born 1960 or later.
- 2Claiming at 62 reduces benefits by ~30%; waiting until 70 increases them by ~24%.
- 3Check your estimate at SSA.gov before planning retirement income.
- 4Subtract expected Social Security from your retirement need before using the 25x rule.
Social Security is the largest income source for most retirees — but the claiming age you choose permanently affects your monthly check. The difference between 62 and 70 can be $1,000+/month.
Factor Social Security into your retirement number before saving targets.
Full Retirement Age by Birth Year
Born 1943–1954: FRA is 66. Born 1955–1959: FRA rises gradually to 67. Born 1960+: FRA is 67.
Claiming before FRA permanently reduces benefits. Waiting past FRA earns delayed retirement credits.
62 vs 67 vs 70
Claim at 62: smallest check, but most payments over time if you die young. Claim at 67: full benefit. Claim at 70: maximum benefit — 24–32% higher than FRA.
Break-even for waiting is typically age 80–82. If family longevity is good, waiting often wins.
How to Plan Around Social Security
Create a free account at SSA.gov for your personalized estimate. Subtract expected benefits from annual spending needs, then apply the 25x rule to the remainder.
Coordinate with withdrawal order and 401(k) savings.
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