Overview
- Americans can file at 62, but full retirement age varies by birth year, with 67 applying to those born in 1960 or later, and starting benefits is generally irreversible.
- Claiming early permanently lowers monthly payments and can reduce spousal and survivor benefits, while delaying can raise checks through age 70 via delayed retirement credits.
- Filing before full retirement age while still working can trigger the earnings test that withholds benefits above income limits, with withholding ending at full retirement age.
- AARP details timing rules including applying up to four months before payments start and the option to seek up to six months of retroactive benefits after full retirement age, which reduces delayed credits.
- Advisers diverge: studies cited by Yahoo Finance suggest many retirees maximize lifetime income by waiting until 70, while Dave Ramsey argues many should claim sooner to use or invest benefits; up to 85% of benefits can be taxable under IRS rules, prompting tax‑planning strategies.