Social Security’s Full Retirement Age Just Hit 67 — Here’s What Claiming at 62 Now Costs You for Life

If you were born in 1960 or later, your “full” check now waits until 67. Taking it early still works for plenty of people — but the price tag is bigger than it’s ever been. Here’s the dollar math.

Take a $2,000-a-month benefit. Claim it the first day you’re eligible at 62, and it shrinks to $1,400 — and stays there. That’s $600 a month, or $7,200 a year, gone for the rest of your life. The reason that gap is now as wide as it’s ever been comes down to one quiet milestone reached this year.

What changed

2026 is the last year anyone will reach full retirement age before turning 67. Anyone born in 1960 or later now has a full retirement age of exactly 67 (SSA, 2026). People born in 1959 (FRA of 66 and 10 months) are the last group to cross under 67, in 2026 (AARP, 2026). Claiming at 62 now cuts your benefit by 30% — the largest reduction in the program’s history (SSA, 2026). Wait past 67 and you earn delayed retirement credits of 8% a year up to 70 (124% of full).

What this means for your wallet

• Claim at 62: about $1,400 a month (a 30% cut), for life.
• Claim at 67: the full $2,000 a month.
• Claim at 70: about $2,480 a month (a 24% raise).

That’s a swing of roughly $1,080 a month — nearly $13,000 a year — on the same earnings record. The average retired-worker check in 2026 is about $2,071 (SSA, October 2025), so these aren’t hypothetical sums.

The catch nobody puts in the headline

Claiming early is not automatically a mistake. It’s real money sooner versus more money later. Whether waiting wins depends on your health, family longevity, whether you’re still working, other income, and a spouse who may one day lean on your benefit. For someone in poor health or who needs income now, early can be right; for someone healthy with other money, waiting often pays.

The takeaway

Before you file, get your actual figures at the Social Security website — your benefit at 62, at full retirement age, and at 70 — then weigh them against your health, savings, and spouse’s situation.

This is information, not financial advice. Figures current as of June 2026 from SSA and AARP; the $2,000 benefit is an illustration. SeniorSavers is independent and not affiliated with the SSA.

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