Claim Social Security at 67: Three Key Considerations

The full retirement age for claiming Social Security benefits is 67 for individuals born in or after 1960. Individuals can claim benefits as early as 62 with reduced payments, while delaying until 70 can increase benefits significantly, with an 8% increase per year until age 70. There are tax implications to consider, with federal taxation levels varying by income thresholds—none for individuals earning under $25,000, partial for $25,000 to $34,000, and up to 85% for income over $34,000. Understanding these factors can help individuals make informed retirement decisions.