Social Security’s Retirement age is 70

An informal survey of staff at the Center for Retirement Research asking “What is the current retirement age for Social Security?” produced a range of responses. 

About half — mostly the “old hands” — said 67. The other half — generally younger and newer staff members — gave answers including 62, 65, 66 and 68. In my view, they are all wrong.

Social Security’s retirement age is 70.

The fact that people are confused is not surprising. Age 70 is a relatively new development, and most of the conversation about Social Security focuses on the so-called full retirement age. 

Currently, workers can claim their benefits at any time between the ages of 62 and 70, but benefits claimed before age 70 are actuarially reduced based on average life expectancy. In other words, the age at which a person claims Social Security affects their monthly benefits but, on average, is intended to not alter total benefits paid over their lifetime. Info from Market Watch.

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