Wait Until 70 and Your Social Security Benefit Jumps to $2,500 a Month

"Starting in 2026, anyone born in 1960 or later faces a new reality: full retirement age for Social Security is now 67. This marks the final step in a gradual increase that began under a 1983 law designed to strengthen the program's finances. For the youngest baby boomers and all of Generation X, the age at which you can claim your complete earned benefit has moved two full years beyond what retirees experienced a generation ago."

"Claiming early comes with a steep cost. If you start at 62 instead of waiting until 67, your monthly benefit drops by roughly 30% for the rest of your life. This isn't a temporary reduction, it's permanent and affects every check you receive. To understand the real impact, consider someone entitled to $2,000 monthly at full retirement age. Claiming early means accepting just $1,400 instead.."

Starting in 2026, full retirement age for Social Security is 67 for anyone born in 1960 or later, completing a gradual increase begun under a 1983 law. For the youngest baby boomers and Generation X, the claiming age moved two years higher than a generation ago. Social Security often serves as the foundation of retirement income, providing guaranteed, lifelong monthly payments. Claiming at 62 permanently reduces benefits by about 30% compared with waiting until 67, while delaying past 67 increases benefits roughly 8% per year up to age 70. A $2,000 benefit at full retirement age becomes about $1,400 if claimed at 62 and nearly $2,500 if delayed to 70.

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