If you’re nearing retirement, you’ve probably wondered when to start taking Social Security benefits. For years, age 65 was considered the “normal” retirement age, but a law passed in 1983 gradually raised this age to reflect the increasing life expectancy of Americans.
As of 2026, the full retirement age (FRA) has been gradually phased in based on your birth year. Knowing when to claim benefits can significantly impact your monthly checks.
What’s Changing with Social Security in 2026?
Your full retirement age (FRA) marks the point at which you can claim your full Social Security benefits, based on your lifetime earnings.
- If you were born in 1958, your FRA is 66 years and eight months.
- If you were born in 1959, your FRA is 66 years and 10 months.
- If you were born in 1960 or later, your FRA is 67 years.
This increase is part of a trend to ensure the system’s long-term solvency as people live longer. With an aging population, the government has gradually raised the age for full retirement benefits.
How Much Money Will You Receive at Various Ages?
If you begin receiving Social Security benefits before your FRA, your monthly benefit will be reduced by up to 30%, depending on how many years before your FRA you start claiming.
Conversely, if you delay benefits until after your FRA, your benefit will increase by 8% per year until you turn 70. This means waiting could result in a 32% higher monthly benefit by age 70 compared to claiming at FRA.
Here’s an example from the Social Security Administration of what benefits look like at age 62:
The earlier you claim, the lower your monthly payment will be. For some, waiting might be worth it.
When Should You Claim Your Retirement Benefits?
One of the most critical decisions you’ll face as you approach retirement is when to claim your Social Security benefits.
Waiting until 70 certainly has its benefits: a higher initial monthly payment, which means greater cost-of-living adjustments, as they are percentage based, and higher survivor benefits for the surviving spouse, if applicable. Even if the higher-earner in a couple may not live terribly long, their benefit amount will determine how much the widow(er) receives for the remainder of their life, which can have a big impact over the years.
There are also times it makes sense to claim your benefits at a younger age, as it can increase the monthly cash flow of the household.
There’s no one-size-fits-all answer, but there are key factors that can help guide your decision:
- Health and life expectancy: If you or your family have a history of shorter lifespans, claiming earlier may be more beneficial. If you expect to live longer, delaying benefits might be the way to go.
- Marital status: Married couples can often benefit from a strategy that maximizes survivor benefits, while single or divorced individuals might make different decisions based on their circumstances.
- Financial needs: If you need income to meet immediate financial obligations, claiming early might be necessary. But if you can afford to wait, it’s usually best to delay to increase your lifetime benefit.
- Other retirement income: Consider your investment portfolio and other retirement income sources.
How Will the Social Security Changes Affect You?
These changes are live, so it’s important to plan for them. Here’s what to consider:
- If you’re over 62: Check your FRA. If you’re close to it, decide whether to wait or claim benefits early.
- If you’re under 60: Start adjusting your retirement expectations. FRA has already been phased in, so you may need to plan for a later retirement or boost your savings.
- The longer you wait, the higher your payout: If you’re financially able to delay, a larger monthly payment could benefit you greatly.
Other Changes Coming to Social Security in 2026
Along with prior changes to the full retirement age, other Social Security adjustments are set to take effect in 2026:
- Cost-of-living adjustment (COLA): Recipients will see an increase of 2.8% in their benefits, up from 2.5% in 2025.
- Maximum taxable earnings: The maximum amount of earnings subject to Social Security taxes will increase from $176,100 to $184,500.
- Appointment-based services: To improve efficiency, Social Security offices will move to an appointment-only model for in-person services nationwide.
- The earnings test: If you’re below FRA and continue working, your benefits may be reduced based on your earnings. In 2026, the income limit before reductions will rise to $24,480 (up from $23,400 in 2025). After FRA, you can earn up to $65,160 without any adjustments, a $3,000 increase from 2025.
The Bottom Line
With Social Security rules changing, it’s important to plan ahead. Whether you’re already eligible or a few years away from retirement, understanding the new Full Retirement Age and how it impacts your benefits will help you make the best financial decisions. Consulting with a financial expert and adjusting your retirement strategy now could mean a bigger payout later.
If you’d like guidance on when to claim your Social Security benefits, we can help. MRA Advisory Group offers complimentary 1st meetings with our advisors, so connect with us today, and we’ll get to work crafting a financial plan that fits your future goals.
Don’t rush into claiming Social Security benefits without considering how the age adjustments will impact your monthly payments. Consider your life expectancy and retirement savings to figure out the best time to start taking benefits.
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