The full retirement age for anyone born in 1960 or later is now 67, and it landed there permanently in 2025.
That's two years later than the 65 that boomers grew up expecting.
For millions of workers in their late 50s and 60s, it's the single biggest number in their retirement math.
Here's why it matters: claim at 67 and you get your full benefit.
Claim at 62 and your check is permanently reduced by 30%.
Wait until 70 and you get delayed retirement credits worth roughly 24% more than your full amount.
Same worker, same earnings record, wildly different monthly checks for life.
According to Social Security Administration figures, a beneficiary with a full benefit of $2,000 a month would collect about $1,400 at 62 versus roughly $2,480 at 70.
Over a 20-year retirement, that spread can exceed $250,000.
The math cuts against the instinct to grab the money early.
Many people file at 62 because they're laid off, dealing with health issues, or simply need cash flow.
But if you can bridge the gap with part-time work, savings, or a spouse's benefit, waiting usually pays off in total dollars—especially for the higher earner in a married couple.
There's a spousal angle most people miss.
A lower-earning spouse can claim based on their partner's record—up to 50% of the higher earner's full benefit.
If the higher earner files early, both checks shrink.
Coordinating the two claims is often worth more than any single investment decision.
Up to 85% of your Social Security benefit can be taxable depending on your total income, and the thresholds that trigger that tax haven't been updated since the 1980s.
Drawing from a Roth IRA or taxable brokerage account in your early 60s can keep your reported income low and reduce the tax hit later.
Then there's the long-term funding question.
The program's trust fund reserves are projected to run dry in the mid-2030s, after which incoming payroll taxes would cover only about 80% of scheduled benefits unless Congress acts.
That's not a prediction that checks stop—it's a warning that the rules could shift.
Anyone born in 1960 or later should log into their my Social Security account and check their actual projected benefit at 62, 67, and 70.
If you're within a decade of claiming, run the breakeven math on your real numbers rather than a rule of thumb.
The right age depends on your health, your spouse, your other income, and how long you expect to work—not on what your neighbor did.
The bottom line: 67 is now the baseline, not the finish line.
Final Thoughts
Treat it as a starting point for a decision you make deliberately, because the difference between claiming at 62 and waiting until 70 is one of the largest financial levers most Americans will ever pull.