If you were born in 1960 or later, the age at which you can collect full Social Security benefits is 67.
That is not a rumor or a proposal floating around Washington.
It is current law, and it has been phasing in for years.
For anyone born before 1960, the full retirement age sits somewhere between 66 and 67, depending on the exact year.
You can still start collecting at 62, but the check gets permanently smaller.
Claim at 62 with a full retirement age of 67, and you're looking at roughly a 30 percent reduction for the rest of your life.
Wait until 70 instead, and you get delayed retirement credits that push your benefit up by about 8 percent for each year past your full retirement age.
The math cuts both ways, and it depends on things nobody can predict, like how long you'll live and whether you'll keep working.
If you claim early and keep earning above a certain threshold, Social Security temporarily withholds part of your benefit.
In 2024, that earnings limit was $22,320 for people below full retirement age.
Go over it, and the agency claws back $1 for every $2 you earn above the cap.
For a lot of households, the real question isn't the optimal strategy on paper.
Someone who loses a job at 60 and can't find comparable work may need that check at 62 just to cover groceries and the electric bill.
That's the reality of a tight labor market for older workers.
There's also a spousal piece people miss.
If you're married, the lower earner often benefits from claiming based on the higher earner's record, and survivor benefits can be worth far more than either person's own check.
A divorced spouse married 10 or more years may also qualify on an ex's record.
One more thing worth checking before you file: your earnings record.
The Social Security Administration calculates your benefit from your reported wages, and errors happen.
A missing year or a misreported number can quietly shrink your monthly check.
You can review your record for free at ssa.gov and dispute mistakes, but it's easier to fix before you claim than after.
If you're within a few years of deciding, a quick call with a fee-only financial planner or a free session through your local Area Agency on Aging can be worth more than any calculator.
The claiming decision is one of the few retirement choices that is basically permanent once you make it.
My take: the full retirement age creeping to 67 was sold as a minor technical fix, but it lands hardest on people doing physical work and people who lose jobs late in their careers.
Final Thoughts
Knowing your number early is the cheapest retirement planning you'll ever do.