No advantage to waiting past 67, it’s the full retirement age for those born 1960 or later; people born before that have FRA’s that are lower than 67. Never hurts to bounce the SS decision off of your CPA if you work with one…about every one I’ve chatted with are fans of waiting at least to FRA, but there are certainly situations where taking it early can make sense. In 2026, the max amount by age is $2969 at 62, $4152 at 67, and $5181 at 70…these amounts assume you hit the maximum income level for 35 years in your employment history. Regardless, they demonstrate the difference one receives depending on age of benefit initiation. SS is one of the few pension benefits with a COLA adjustment annually; starting with a larger benefit, through waiting, the benefit compounds quite markedly. I intend to wait until 67, and those first 5 years I’ll draw more from my own portfolio, then back off once I start receiving SS. Every situation is different, lots of reasons to take at 62, 67, 70, etc. If I had to bet a case of PBR, I’d bet that on average, lifetime SS payouts are greater for those who wait the longest to claim, but certainly some people die before ever receiving any of their benefits. It’s a big, consequential decision, worth researching from several angles…family health history is a good starting point, IMO.
