Overview
- New guidance distills Social Security rules into plain steps for choosing when to file based on your goals.
- Waiting until age 70 delivers the largest inflation‑adjusted monthly check because benefits grow about 8% per year after full retirement age.
- Claiming at 62 begins payments sooner but locks in roughly a 25% to 30% cut versus the full benefit available at a full retirement age of about 66 to 67.
- A break‑even range near ages 80 to 82 helps compare lifetime totals, so expected lifespan is a key factor in the decision.
- Advisers often recommend using savings in your 60s to delay filing, which can raise lifetime income and increase a surviving spouse’s benefit, while early claims can suit those with urgent cash needs or poor health.