At what age can an individual typically start receiving full Social Security retirement benefits?

Individuals can typically start receiving full Social Security retirement benefits at age 67, which aligns with the current regulation for those born in 1960 or later. This full retirement age reflects an adjustment made to account for increases in life expectancy and is part of the phased-in increase that was established by the Social Security Amendments of 1983.

While it is possible to start receiving benefits as early as age 62, choosing this option results in a permanent reduction in monthly benefits. Conversely, delaying benefits past full retirement age up to age 70 leads to an increase in the monthly benefit amount due to delayed retirement credits. Understanding the significance of age 67 as the threshold for full benefits is crucial for individuals planning their retirement and deciding when to start drawing Social Security.