Claiming Social Security benefits is a major financial decision, and timing is everything. While it’s tempting to retire early, waiting until your full retirement age ensures you don’t lose out on the benefits you’ve worked so hard to earn. Over the decades, changes to the full retirement age have gradually increased the threshold from 65 to 67, depending on your birth year. Knowing these details can help you maximize your retirement income and avoid costly mistakes.
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Full Retirement Age
Since the early 1980s, the Social Security Administration (SSA) has increased the full retirement age incrementally. The transition was done in small steps to ensure fairness, with each birth year adding two months to the retirement age until it reached 67 for those born in 1960 or later.
If you were born before 1960, your full retirement age may be closer than you think. The SSA provides helpful charts to make sure beneficiaries don’t inadvertently claim benefits early. Doing so would permanently reduce the amount you receive monthly, which could have a significant impact on your retirement income.
Here’s a quick guide for retirement months in 2025 and 2026 based on birth months:
| Retirement Month | Birth Month/Year |
|---|---|
| January 2025 | June 1958 |
| February 2025 | July 1958 |
| March 2025 | August 1958 |
| May 2025 | September 1958 |
| June 2025 | October 1958 |
| July/August 2025 | November 1958 |
| September 2025 | December 1958 |
| October 2025 | January 1959 |
| November 2025 | February 1959 |
| December 2025 | March 1959 |
| January 2026 | April 1959 |
| February 2026 | May 1959 |
| March 2026 | June 1959 |
| April 2026 | July 1959 |
| May 2026 | August 1959 |
| June 2026 | September 1959 |
| July 2026 | October 1959 |
| August 2026 | November 1959 |
| September 2026 | December 1959 |
This table helps ensure retirees know exactly when they reach full retirement age and can plan accordingly.
Benefits
Timing is critical when filing for benefits. Filing too early—even by accident—can permanently reduce your monthly payments. To avoid this, begin the application process well ahead of your intended retirement date. It’s often better to file slightly later than planned and receive a full month’s worth of benefits than to risk filing early and losing out.
For those aiming to increase their benefits further, Delayed Retirement Credits (DRCs) offer an excellent incentive. By delaying retirement past your full retirement age, you can accumulate credits up to age 70. These credits increase your monthly benefit, adding significant value over time.
Delayed Retirement Credits
Let’s take the case of a worker born in 1959. If they retire at their full retirement age of 66 years and 10 months, they’ll receive 100% of their benefit. However, if they delay retirement until age 70, their benefit increases to 125.3% of their full retirement age amount due to DRCs. That’s a significant boost to income, especially for those with longer life expectancies.
Waiting
While it’s possible to claim benefits as early as age 62, doing so reduces your monthly amount by up to 30%. By waiting until full retirement age—or later—you secure the maximum possible income from Social Security. For those who can afford to wait, delaying benefits is often a smart financial move, providing more security in the long run.
Whether you plan to retire soon or delay until age 70, knowing your options and timing your claim carefully is key to maximizing your benefits.
FAQs
What is the full retirement age?
It’s 66-67 depending on your birth year.
Can I retire earlier than full age?
Yes, but your benefits will be reduced.
What are Delayed Retirement Credits?
They increase benefits for delaying retirement past full age.
How much can delaying boost benefits?
Up to 125.3% if delayed until age 70.
Why file ahead of my retirement date?
To ensure benefits start on time.
