Estimate your monthly Social Security benefit and compare filing strategies â early at 62, full retirement age, or delayed at 70 â to maximize your lifetime income.
Born 1943â1954: age 66. Born 1955â1959: age 66 + 2 months per year. Born 1960 or later: age 67. Claiming before FRA permanently reduces your benefit.
For every month you delay past FRA up to age 70, your benefit grows by approximately 0.67% (8% per year). Delaying from 67 to 70 increases your benefit by 24%.
A spouse may claim up to 50% of your FRA benefit if it exceeds their own earned benefit. Divorced spouses married 10+ years may also qualify.
Medicare Part A & B eligibility begins at 65 regardless of when you claim Social Security. If you claim SS before 65, you'll need separate health insurance until Medicare kicks in.
If you claim before FRA and continue working, Social Security may temporarily withhold benefits if earnings exceed $22,320 (2024 limit). Benefits are restored at FRA.
Social Security benefits receive annual cost-of-living adjustments (COLA). The 2024 COLA was 3.2%. Your actual lifetime benefits will be higher than shown due to COLA.