Overview
- For those born in 1960 or later, full retirement age is 67, and claiming at 62 locks in roughly a 30% cut and smaller dollar COLA increases for life.
- Delaying past full retirement age earns about 8% per year up to 70, with examples showing $100,000 to $144,000 more in lifetime benefits versus claiming at 62.
- Breakeven ages are commonly around 78 for claiming at 62 versus 67 and about 82 for 67 versus 70, and many retirees live beyond those points.
- USA TODAY reports one scholarly estimate that typical retirees who file before 70 forfeit about $182,370 in potential Social Security income.
- Planning guides highlight calculators, spousal coordination and withdrawal sequencing, while Dave Ramsey’s early-claim view is presented as viable only in specific cases where checks are invested or not needed for essentials.