Older people face Trump tariffs, leaving concerns are increasing, stock sales
Vicky Knight, a retired educator and part-time yoga instructor, says she feels she’s thinning. “I’m semi-retired,” Marietta, Georgia says her Social Security income is not enough to live, and recent stock market sales fueled by tariff uncertainty complicates her plans.
Are you thinking about leaving and claiming Social Security? Depending on your budget and measures, you may want to refrain from doing so.
That’s because your monthly Social Security benefits may be higher for you – and ultimately your spouse – if you wait a few months to apply.
For decades, I was able to apply for Social Security at age 62, but I didn’t get the full benefit unless I signed up at age 65. However, that “complete retirement age” has gradually increased over the years and has recently been rising again. For those born after 1960, the full retirement age is 67.
According to the AARP, the full retirement age change comes from a law that supported the program in 1983, passed in 1983 and signed by President Ronald Reagan. Approximately 74 million Americans receive Social Security benefits.
The changes are not new, but “it connects more when your birth is and therefore when you have a full retirement age,” Joel Escovitz, senior director of social security and savings at the AARP Institute of Public Policy, told USA Today in December 2024.
Gal Wetstein, a senior research economist at the Center for Retirement Studies at Boston University, previously spoke to USA Today.
When is the best time to quit to get Social Security?
When to quit and apply for Social Security is a personal decision based on many factors. However, you can apply for the program at age 62.
However, the delay in taking Social Security, the larger the monthly checks will be. According to AARP, obtaining Social Security before full retirement age will “permanently reduce your monthly payments by 30%.”
For example, according to the Social Security Administration website, if you retire at “fully retired” this year and apply for Social Security, your biggest profit is $4,018. But let’s say you retired at the age of 62 this year and earned a file. The biggest profit is $2,831.
Waiting beyond your full retirement age will allow you to earn a bonus beyond the full retirement age profit. For example, if you apply for Social Security at the age of 70 this year, your biggest profit will be $5,108.
“A year that delays a claim after age 62 until you reach 70 will increase the monthly profit you earn,” Wetstein said.
How can I get Social Security benefits?
Wait at least until “fully retired” to collect what is considered to be a full social security benefit. This is the complete retirement age for those born after 1943.
- 1943-1954: 66 years old
- 1955: 66 years and 2 months
- 1956: 66 years and 4 months
- 1957: 66 years and 6 months
- 1958: 66 years and 8 months
- 1959: 66 years and 10 months
- Since 1960: 67 years old
This story was updated with heading changes.
Mike Snyder is a reporter for the trending team at USA Today. You can follow him in the thread, send BlueSky, X with X and send him an email Bliss & @mikegsnider.bsky.social & @mikesnider &msnider@usatoday.com
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