Americans can start claiming retirement benefits at age 62, but that reduces the size of their monthly checks. To receive their full benefits, retirees must wait until their FRA to file.<\/p>\n
Why This Matters<\/p>\n
If lawmakers raise the full retirement age past 67\u2014a proposal floated to shore up Social Security\u2019s finances\u2014this pattern of early claiming would translate into permanently smaller checks for a larger share of retirees.<\/p>\n
How Waiting Until Your FRA Benefits You<\/p>\n
Under a 1983 law, the FRA has climbed in two-month increments for recent birth cohorts. Those born in 1959, the cohort reaching FRA this year, must wait until 66 and 10 months. That\u2019s the last stop: for everyone born in 1960 or later, the FRA is 67.The average monthly benefit<\/a> for a 67-year-old who first claimed in 2025 was $2,608, almost $1,200 more than the average payment for a 62-year-old, according to the Social Security Administration.<\/p>\n Beneficiaries who wait past their FRA boost their payments by 8% each year until they turn 70. The average monthly benefit for a first-time beneficiary aged 70 to 74 is $888 more than for a 67-year-old.<\/p>\n But waiting isn\u2019t easy for many workers. The median worker says they plan to retire at 65, according to the Employee Benefit Research Institute\u2019s 2026 Retirement Confidence Survey.<\/p>\n In practice, the typical American retires at 62, and 46% of retirees say they left earlier than planned.<\/p>\n Higher monthly checks matter because Social Security carries much of the load for many retirees. About 42% of Social Security beneficiaries <\/a>rely on the program for half or more of their income, according to a 2024 Census Bureau report; 14% rely on it for at least 90%.<\/p>\n![\"\"](\"https:\/\/www.newsbeep.com\/uk\/wp-content\/uploads\/2026\/07\/8a43e08a-55af-4a7a-859d-7ebbcc3f6256.png\"\/)
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