"If you were born in 1960 or later, your full retirement age for Social Security is age 67. Full retirement age is an important milestone to reach, because it is only when you reach FRA that you can claim your standard Social Security benefits without your monthly income being reduced by early-filing penalties. Any time you claim before FRA, even a single month,"
"Since you can claim Social Security as early as age 62, waiting until 67 may seem like a huge sacrifice. However, if you listen to finance expert Suze Orman, delaying for this five-year period of time is not enough. Orman actually believes that you should be waiting until the age of 70 - which would mean giving up a full eight years of retirement benefits that you are eligible to receive."
Full retirement age for Social Security is 67 for people born in 1960 or later. Claiming benefits before full retirement age reduces monthly payments, and claiming very early can cut retirement income by about 30%. Claiming as early as 62 is permitted, but delaying beyond full retirement age increases monthly benefits, with the largest increase realized by waiting until age 70. Few people plan to wait until 70. Life expectancy data show many 65-year-olds have a 50% chance of living into their mid-to-late 80s, meaning delayed claiming can more than offset missed early benefits.
Read at 24/7 Wall St.
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