Overview
- Claiming before full retirement age permanently cuts benefits by 5/9 of 1% per month for the first 36 months and 5/12 of 1% for each additional month.
- Delaying past full retirement age raises benefits by 2/3 of 1% per month—about 8% per year—until age 70, after which further delays add nothing.
- The average retired worker benefit is $2,071 per month in 2026 after a 2.8% COLA, roughly $56 more than in 2025, though many recipients say the increase feels insufficient.
- A commonly cited break-even analysis shows claiming at 62 versus 70 evens out around age 80.4, helping retirees gauge longevity and income needs.
- Spousal benefits top out at 50% of a spouse’s full-retirement-age amount, receive no delayed credits, are reduced if claimed early, and require the primary earner to be receiving benefits.