Overview
- Many Americans stop working around 62 in surveys, while Census-based research puts the average at 62.6 for women and 64.6 for men, and Social Security data shows the average new claimant was 65 in 2024.
- For people born in 1960 or later, full benefits start at 67, and claiming at 62 cuts the monthly check by up to about 30% under the Social Security reduction formula.
- Waiting after 67 raises payments by roughly 8% a year until age 70, and one estimate finds the check at 70 can be about 76% larger than at 62.
- Working past 62 can lift your benefit because Social Security bases it on your 35 highest-earning years and extra work can replace zeros or low-earning years in that average.
- Medicare still starts at 65 and trustees project Social Security reserves could be depleted around 2032, keeping ideas like a higher full retirement age in policy discussions.