Starting a new year, many people wonder if they should take Social Security benefits in 2025. Understanding your full retirement age is crucial to maximizing your monthly checks.
Most people retire at 62, but you can boost your benefits by waiting longer. If you’re born between 1950 and 1960, the full retirement age is between 65 and 67 years old. For those born after 1960, it’s 67 years old.
Waiting until your full retirement age (also known as “full retirement” age) gives you the largest monthly benefits. However, claiming before this age reduces your benefits each month.
The good news is that if you put off taking Social Security, your benefits increase by 8% annually after your full retirement age. This delayed retirement credit can add up significantly until you reach age 70.
To get the most out of Social Security, consider your individual circumstances: employment status, health, family, and health history. There’s no one-size-fits-all answer, but AARP offers a social security resource center to help you make an informed decision.
In 2025, Social Security benefits will increase by 2.5% due to the cost of living adjustment (COLA). This means average recipients can expect around $50 more per month, while joint recipients will see an estimated $75 increase.
While opinions vary on the importance of full retirement age, many experts agree that years before and after 62 are crucial. Delaying claims can significantly boost your monthly benefits until you reach age 70.
Source: https://eu.usatoday.com/story/money/2024/12/18/social-security-2025-retirement-age-benefits/77067663007