When it comes to Social Security, the age at which you claim has a massive impact on retirement income.<\/p>\n
\u201cDeciding when to claim Social Security is one of the most important and retirement decisions Americans face. And it\u2019s irreversible,\u201d Rick Reed, vice president and defined contribution practice director at Segal<\/a>, a benefits and HR consulting firm, wrote in an email. \u201cThere\u2019s no single right age for everyone.\u201d<\/p>\n Learn More: This Is the Age Most Current Retirees Started Collecting Social Security<\/a>\u00a0<\/p>\n Find Out: 7 Clever Ways Retirees Are Earning Up To $1K per Month\u00a0From\u00a0Home<\/a>\u00a0<\/p>\n Here are the costs retirees need to know<\/a> in 2026.<\/p>\n Claiming Social Security at 62 <\/p>\n The earliest you can claim Social Security retirement benefits is age 62. While this means you start receiving a monthly check to help cover bills, there are drawbacks.<\/p>\n \u201cClaiming benefits earlier, such as at age 62, results in a lower monthly payment because the total entitled benefit amount is distributed over a longer period,\u201d Reed explained.<\/p>\n According to Reed, claiming at age 62 leads to a permanent monthly benefit reduction of up to 30%.<\/p>\n \u201cBenefits increase incrementally for each year claiming is delayed beyond full retirement age, rising by about 8% annually until age 70,\u201d he wrote.<\/p>\n Despite the financial impact, it doesn\u2019t mean you should never claim early. Reed pointed out that deciding when to claim depends on life expectancy, available savings and overall retirement goals.<\/p>\n Read Next: 3 Biggest Problems Facing Social Security in 2026<\/a>\u00a0<\/p>\n Claiming Social Security at 65 <\/p>\n Full retirement age, or the age at which you can receive 100% of your earned benefit, is 67 for those born in 1960 or later. The FRA used to be 65, which is why many people still associate that age with claiming full Social Security benefits. However, changes to the program gradually raised the minimum age. That means claiming at 65 today leads to a lower monthly benefit rather than the full amount.<\/p>\n \u201cYour retirement benefit at 67 is considered 100%. Each month earlier that you claim, your benefit will be reduced by 5\/9 of 1% until 36 months (three years),\u201d Melanie Musson, finance expert with Quote.com<\/a>, wrote in an email. \u201cSo, if you claim benefits at 65 years old, you will receive 13.3% less than you would have at the full retirement age of 67.\u201d<\/p>\n Claiming Social Security at 70 <\/p>\n Claiming Social Security at age 70 provides the maximum monthly benefit for life.<\/p>\n