What is the age at which Old-Age Benefits from Social Security typically start?

Old-Age Benefits from Social Security typically start at age 62, which is the earliest age at which individuals can begin receiving retirement benefits. However, many people choose to delay their benefits to receive a higher monthly payment. For individuals born in 1960 or later, the full retirement age, which is when they can receive 100% of their benefits, is actually 67. By choosing to wait until age 70, beneficiaries can maximize their monthly benefit amount even further through delayed retirement credits.

The option of age 65 represents a commonly held belief due to historical reasons; it was once considered the full retirement age before adjustments were made to account for increasing life expectancy. Therefore, individuals approaching retirement age should be aware of their options for claiming benefits as well as the implications of taking benefits at different ages.

In summary, while benefits can start as early as 62, the decision on when to take those benefits should consider individual circumstances and the effects on total benefits received over a lifetime. The emphasis on understanding the correct start age and the implications of full retirement age is crucial for effective retirement planning.