Whether you should file for Social Security retirement at age 65 depends on your personal situation and goals. Here are a few factors to consider:
1. Full Retirement Age (FRA)
For people born in 1960 or later, the Full Retirement Age (FRA) for Social Security is 67. If you file at age 65, your benefits will be reduced because you’re filing before reaching your FRA. If you wait until your FRA, you’ll receive 100% of your benefit.
2. Financial Needs
If you need the income to support yourself or your lifestyle, filing at 65 may be necessary, but your monthly benefits will be reduced. If you can delay and don’t need the income immediately, waiting can increase your monthly benefits.
3. Longevity
If you expect to live longer than average, delaying Social Security can be beneficial. Social Security benefits increase by about 8% each year if you delay claiming from FRA to age 70. If you have health concerns or may not live as long, you might choose to start taking benefits earlier.