COLUMBUS, Ohio — As Americans turning 65 consider retirement and Social Security, experts advise that waiting to claim benefits could significantly increase monthly payments, potentially benefiting both retirees and their spouses.
For those born in 1960 or later, the full retirement age for Social Security is 67, a shift from the previous age of 65 due to 1983 legislation signed by President Ronald Reagan to strengthen the program, according to AARP. Nearly 74 million Americans currently receive Social Security benefits.
“You get lower benefits if you claim before that retirement age. Every month early you claim, you get a reduction,” said Joel Eskovitz, senior director for Social Security and savings at the AARP Public Policy Institute, in a December 2024 interview with USA TODAY.
While individuals can apply for Social Security as early as age 62, claiming before the full retirement age can reduce monthly payments by up to 30%, AARP noted. For example, the Social Security Administration states that the maximum benefit for someone retiring in 2025 at full retirement age is $4,018 per month. Claiming at age 62, however, lowers the maximum to $2,831. Waiting until age 70 increases the benefit to $5,108 per month.
“Any year that you delay claiming after 62 until you reach 70, increases the monthly benefit that you get,” said Gal Wettstein, a senior research economist at the Center for Retirement Research at Boston College.
The age of 65 remains critical for retirees, as it marks eligibility for Medicare, which Wettstein described as “in many ways more important than the full retirement age.”
Full retirement ages vary by birth year: 66 for those born between 1943 and 1954, gradually increasing to 67 for those born in 1960 or later. Deciding when to claim Social Security depends on personal factors, but experts emphasize that delaying until at least the full retirement age maximizes benefits.