Overview
- Under current law the full retirement age is 67 for people born in 1960 or later, so claiming at 65 counts as an early claim and reduces monthly benefits permanently.
- Medicare eligibility begins at 65 and people who do not sign up for Part B when eligible face a lifetime penalty of roughly 10 percent of the premium for each full year they delay.
- Medicare Part B premiums are commonly deducted from Social Security checks, which can lower the net benefit available for other expenses.
- Social Security benefits are calculated from your 35 highest inflation‑adjusted earning years and any missing years are scored as zeros, so working longer can replace low years and raise your benefit.
- Many Americans still believe 65 is the full retirement age — a misconception that can cost retirees money — so review your SSA statement, check how additional work years change your benefit, and plan Medicare enrollment carefully.