Full Retirement Age Now 67 for Maximum Social Security Benefits; Claiming Earlier or Later Has Tradeoffs

Age 67 is the full retirement age (FRA) for people born in 1960 or later to receive full Social Security benefits based on earnings.

The average retirement benefit at age 67 is $1,845 per month ($2,055 for men, $1,638 for women).

Benefits are reduced if claimed earlier at age 62 but increase if claimed later up to age 70.

Age 67 can be a good compromise between more income from waiting versus retiring earlier.

The best age to claim depends on personal factors like income needs, retirement goals, and health.