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Social Security: 3 Great Reasons To File For Benefits At 67

Social Security: 3 Great Reasons to File for Benefits at 67

Millions of seniors rely on Social Security to pay the bills in retirement, and the age at which you first claim benefits can have a huge impact on your long-term finances. Though you can choose to take Social Security as early as age 62 and as late as age 70, many recipients opt to file once they reach their full retirement age, at which point they can collect their full benefits without any early retirement penalties or delayed-retirement credits.

Your full retirement age is based on the year you were born, as follows:

Year of Birth

Full Retirement Age




66 and 2 months


66 and 4 months


66 and 6 months


66 and 8 months


66 and 10 months

1960 and later


For anyone born in 1960 or later, filing for benefits at age 67 means claiming them exactly on time. Here are three good reasons to go this route.

Senior couple dancing

1.You won’t face a reduction in benefits

No matter what year you were born, if you claim Social Security at age 67, you’re guaranteed to collect your benefits in full. Given the number of people who enter retirement with inadequate savings, avoiding a reduction in Social Security is often critical. According to Transamerica, current retirees have a median savings balance of $119,000. While that might sound like a nice chunk of change, it’s not enough to support you throughout retirement. One out of every four seniors reaching age 65 will live to be more than 90; over that 25-year period, savings of $119,000 would only provide income of $4,760 a year, or $397 a month. If you’re in a similar situation savings-wise, it pays to claim your Social Security benefits once you know you aren’t risking a reduction.

2. You’re not expecting to live very long

The benefit of delaying Social Security past your full…

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