If you were born in 1960, your full retirement age isn't 65 anymore.
That quiet two-year shift, phased in by a 1983 law, has finally finished rolling out, and it changes the math for anyone born in 1960 or later who's eyeing a retirement date.
Claiming at 62 locks in a permanent reduction of up to 30% compared with your full benefit.
Waiting until 70 adds delayed retirement credits of roughly 8% per year past your full retirement age.
For someone whose full benefit would be $2,000 a month, that's the difference between about $1,400 at 62 and roughly $2,480 at 70.
The full retirement age reached 67 for people born in 1960, and it stays there for everyone born afterward.
Anyone born in 1959 lands at 66 and 10 months.
Those small differences add up fast because the reduction is calculated monthly, not yearly.
The Social Security Administration says about 1 in 4 people claim at exactly 62, the earliest possible age.
Many do it because they've lost a job, face a health problem, or need cash to cover bills.
It also affects survivor benefits, since a surviving spouse's payment is based on what the deceased worker was receiving.
One trap worth knowing: if you claim before your full retirement age and keep working, you can temporarily lose part of your check.
In 2025, the earnings limit is $23,400, and above that, $1 is withheld for every $2 you earn.
The withheld money isn't gone forever; it's added back into your benefit once you reach full retirement age.
Still, it's a shock for people who claim early and pick up part-time work.
The bigger problem is that most Americans don't actually know their full retirement age.
Surveys repeatedly show people guessing wrong by a year or more.
You can check your exact number and your estimated benefit in minutes by creating a free account at ssa.gov.
No fee, no phone call, no appointment required.
Married couples and divorced spouses have extra levers.
A spouse can claim based on the other's record, and ex-spouses married 10 years or more can claim on a former partner's record without notifying them.
Coordinating who claims when can be worth tens of thousands over a retirement.
The honest answer is that there's no universal best age.
Claiming early makes sense if you need the money now, expect a shorter lifespan, or want to preserve other savings.
Waiting makes sense if you're healthy, still working, or married to someone with a much smaller benefit.
Before you file, pull your statement, run the numbers at 62, 67, and 70, and look at what your spouse would receive as a survivor.
That single afternoon of math can shape the next 25 years of your budget.
The retirement age didn't sneak up on anyone; it was written into law four decades ago.
What's changed is that it now applies to everyone still working.
Final Thoughts
Treat your claiming date as one of the few retirement decisions you can still control, because once you file, you generally can't undo it.