If you were born in 1960 or later, your full retirement age is now 67.
That's the age at which you qualify for your complete Social Security benefit, with no reduction for claiming early.
For anyone born in 1959, it's 66 and 10 months.
Everyone born before that falls on a sliding scale going back to 65.
This isn't a new rule, but it keeps catching people off guard.
The change was signed into law back in 1983, phased in so slowly that most workers never noticed it happening.
Now the phase-in is done, and 67 is the new normal for anyone under 65 today.
You can still claim as early as 62, but your check gets cut by up to 30% if your full retirement age is 67.
On a $2,000 monthly benefit, that's roughly $600 less every month, for life.
Over a 20-year retirement, that's more than $140,000 left on the table.
Every year you delay past 67 adds about 8% to your benefit until age 70.
Claim at 70 instead of 62 and your check can be 76% larger.
This is one of the few places in personal finance where waiting literally pays.
It depends on your health, your savings, and whether you're still working.
If you claim before your full retirement age and keep earning above the annual limit (currently $23,400 in 2025), Social Security withholds $1 for every $2 you earn over that cap.
That surprise has wrecked many household budgets.
The math favors waiting if you expect to live into your mid-80s or beyond.
Claiming early makes more sense if you need the money now, have health concerns, or want to preserve other retirement accounts.
There's no universal right answer, but there is a wrong move: claiming early without running the numbers first.
Check your actual benefit estimate at ssa.gov before you decide anything.
The statement shows your projected payment at 62, at full retirement age, and at 70.
Seeing those three numbers side by side changes how most people think about this.
One more thing worth knowing: Medicare starts at 65 regardless of when you claim Social Security.
Don't assume you need to file for benefits just to get health coverage.
You can sign up for Medicare separately and let your Social Security benefit keep growing.
For couples, the strategy gets more layered.
A higher earner delaying benefits can lock in a bigger survivor payment for a spouse, which matters for decades after the first death.
That's often worth more than any short-term check.
The bottom line: 67 is the new benchmark, but it's a starting point for planning, not a deadline.
Spend twenty minutes on the SSA website this week.
Final Thoughts
That small bit of homework could be worth tens of thousands of dollars over your retirement, and it costs you nothing but time.