- ORIGINAL NEWS
As more Americans reach 65 than ever, here’s what to know about your Social Security retirement age
- SUMMARY
Claiming Social Security benefits involves a crucial decision that can impact your retirement income significantly.
While the Medicare eligibility age remains at 65, the full retirement age for Social Security has been gradually raised to 67 for those born in 1960 or later.
To receive the maximum benefits, you can wait until age 70 to claim, as your benefits increase by 8% per year of delay after reaching your full retirement age.
However, if you claim earlier, such as at age 62, you will receive a permanently reduced benefit.
Weigh your options carefully and consider delaying claiming if possible to maximize your lifetime benefit checks.
- NEWS SENTIMENT CHECK
- Overall sentiment:
neutral
Positive
“By waiting until full retirement age, you can receive up to 100% of the benefits you’ve earned.”
“If you delay claiming past your full retirement age and up to age 70, you stand to get an 8% benefit increase per year.”
Negative
“Changes enacted in 1983 have gradually pushed the full Social Security retirement age up from 65 to 67 over a 40-year period.”
“Retirees may be tempted to sign up for Social Security when they become eligible for Medicare at 65 so they do not have to write checks to cover their premiums.”