Overview
- American retirement is shaped by four milestones, with Social Security first payable at 62, Medicare eligibility at 65, full benefits at 67 for those born in 1960 or later, and maximum benefit growth at 70.
- Claiming at 62 permanently reduces the monthly check by about 30% under the Social Security Administration’s month-by-month reduction rules.
- Waiting beyond full retirement age increases benefits by roughly 8% per year until 70, when delayed credits stop adding to the payment.
- Many people still leave work or claim near 62, with surveys showing an average retirement at 62 and Census-based research estimating 62.6 for women and 64.6 for men.
- Program forecasts point to possible trust fund depletion around 2032, which could trigger sizable across-the-board cuts unless Congress changes the rules.