"The first thing to think about when deciding whether to claim Social Security now or later is whether you have reached your full retirement age yet. Your FRA is based on your birth year. Here's when yours is based on when you were born: 1960: Age 67 1959: 66 and 10 months 1958: 66 and 8 months 1957: 66 and 6 months 1956: 66 and 4 months 1955: 66 and 2 months"
"If you have not yet reached your FRA this year, you may want to wait at least until 2026 and potentially beyond. Claiming Social Security benefits before your full retirement age can result in a reduction in your monthly income. The reduction lasts for life. Penalties apply monthly, so the longer you can wait and the closer you can get toward FRA, the less you will reduce your benefit. Of course, reaching FRA doesn't actually mean your benefits stop growing either."
Full retirement age (FRA) depends on birth year: 1960 age 67; 1959 66 years 10 months; 1958 66 years 8 months; 1957 66 years 6 months; 1956 66 years 4 months; 1955 66 years 2 months. Claiming benefits before FRA permanently reduces monthly income, with monthly penalties that compound the earlier benefits begin. Benefits continue to grow after FRA through delayed retirement credits available until age 70. Maxing delayed credits yields the largest monthly payment and often more lifetime income; seven in ten retirees end up with greater lifetime income if they delay. Social Security benefits replace about 40% of pre-retirement income.
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