Full retirement age
The age at which you can get your full Social Security retirement benefit with no reduction. It is 67 for anyone born in 1960 or later.
You can claim Social Security as early as 62, but each month before full retirement age cuts your check. With a full retirement age of 67, claiming at 62 cuts it by 30% for life.
Waiting past full retirement age raises your check by 8% a year until 70. After 70 there is no further increase for waiting.
Example
If your benefit at 67 is $2,000 a month, claiming at 62 pays $2,000 × 70% = $1,400, and waiting to 70 pays $2,000 × 124% = $2,480.