Social Security is an important retirement-income source for many U.S. households, but claiming age, earnings history, work, taxes, and family benefits can affect the outcome. Retirement from work and Social Security claiming are separate decisions.
Key points
- Know your full retirement age from your birth year
- Review your own earnings record and benefit estimate
- Compare early, full-retirement-age, and delayed claiming
- Coordinate Social Security with Medicare and portfolio withdrawals
- Consider spouse and survivor implications where relevant
How this fits into retirement planning
The Social Security Administration states that full retirement age is 67 for people born in 1960 or later, while retirement benefits can generally begin at 62 at a reduced amount. Delayed retirement can increase the benefit through age 70. Use your own SSA record for benefit estimates.
Official sources
Use current guidance from the Social Security Administration at ssa.gov and the Internal Revenue Service at irs.gov for rules that apply to your situation.