Thinking about retiring at 65 and filing for Social Security? Depending on your income goals, you might find it worthwhile to hold off. Delaying your application can increase your monthly benefit—not just for you, but potentially for your spouse as well.
For decades, 62 was the earliest age to claim Social Security, while 65 was considered the full retirement age. However, legislation passed in 1983 gradually shifted that mark. Today, for those born in 1960 or later, the full retirement age is 67. This change aims to keep Social Security financially healthy for the nearly 74 million Americans receiving benefits.
Still, the age of 65 remains significant for many because it is when people become eligible for Medicare. Wondering how that might affect your retirement budget or coverage? You are not alone.
Looking at how your birth year influences your Social Security full retirement age for benefits
The gradual changes to full retirement age affect individuals born between 1943 and 1960 or later. Every month you claim before reaching this age comes with a permanent reduction in benefits—up to 30%. On the other hand, waiting even a few months beyond your full retirement age can yield a higher monthly check. Below is a quick reference guide for birth years and corresponding full retirement ages:
| Birth Year | Full Retirement Age |
|---|---|
| 1943–1954 | 66 |
| 1955 | 66 + 2 months |
| 1956 | 66 + 4 months |
| 1957 | 66 + 6 months |
| 1958 | 66 + 8 months |
| 1959 | 66 + 10 months |
| 1960 or later | 67 |
It may sound complicated, but it’s worth it to do the math. After all, would you rather lock in a lower payment for life or wait a bit for a more secure income?
Practical steps for claiming Social Security benefits at the ideal time to maximize your payout
Deciding when to apply depends on personal factors, such as your health, budget, and future plans. Some retirees choose to start benefits at 62, while others hold off until 70 to receive the maximum possible amount. For instance, the Social Security Administration estimates that those filing at full retirement age in 2025 could receive a monthly benefit of around $4,000, but filing at 62 might drop it to under $3,000, and waiting until 70 could boost it above $5,000.
If you’re still uncertain, consider speaking with a financial advisor or using online calculators to compare different filing scenarios. It’s also wise to think about spousal and survivor benefits, which can vary depending on who applies first and at what age.
Choosing the best time to retire requires careful planning. Take a close look at your birth year, consult reliable sources, and think about how Medicare fits into your timeline. Whether you file at 62, 65, 67, or 70, knowing your options empowers you to make the most of your Social Security benefits.