Summary
A new report highlights how the age you claim Social Security can dramatically affect your retirement income. Americans can start benefits at 62, but doing so reduces monthly payments by about 30% compared with waiting until full retirement age at 67. In 2026, the maximum monthly benefit rises from $2,969 at age 62 to $4,152 at 67 and $5,181 at 70. Delaying benefits can provide greater long-term financial security and protection against inflation, though it may require working longer or relying on savings. Experts say the best claiming age depends on personal finances, health, savings, income sources and retirement goals.
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