If you were born in 1960 or later, the age at which you can collect your full Social Security benefit is 67.
That single number has quietly reshaped retirement planning for millions of Americans, and a surprising share of workers still haven't gotten the memo.
The shift happened in stages, thanks to a 1983 law that raised the full retirement age from 65 to 67 over roughly two decades.
Anyone born between 1943 and 1959 landed somewhere in between.
But for everyone born from 1960 onward, 67 is the magic number — and it's been that way for years.
You can still claim reduced benefits starting at 62, but the penalty is permanent.
Claim at 62 with a full retirement age of 67, and your monthly check is cut by about 30%.
On a $2,000 full benefit, that's roughly $600 less every month — for the rest of your life.
Wait until 70 instead, and the math flips in your favor.
Delaying past your full retirement age earns you delayed retirement credits of about 8% per year, up to age 70.
That can boost a $2,000 benefit to around $2,480.
For a married couple, the higher earner delaying often makes sense because survivor benefits are based on that larger amount.
The catch is that many people can't afford to wait.
Health problems, layoffs, and caregiving duties push a lot of workers to claim early.
A common rule of thumb: if you're in poor health or truly need the money now, claiming early may be the practical choice.
If you're still working and in decent health, running the numbers before you file can pay off for decades.
One more thing people miss — working while collecting before full retirement age can temporarily reduce your benefits if you earn above an annual limit.
The good news is that money isn't lost forever; Social Security recalculates and increases your payment once you reach full retirement age.
You can check your personal numbers for free at ssa.gov.
Your statement shows your estimated benefit at 62, at your full retirement age, and at 70 — a five-minute look that could be worth tens of thousands over a retirement. **The bottom line:** Knowing your full retirement age isn't glamorous, but it's one of the highest-value pieces of financial information you own.
Claiming is a one-time decision with lifelong consequences, so spend an afternoon with the numbers before you click submit.
Final Thoughts
A little homework now beats a smaller check for the next 25 years.