Turning 67 in 2027? Here’s Why Waiting to Claim Social Security Could Pay Off

If you’ll be reaching age 67 in 2027, that marks an important point for Social Security. At 67, you arrive at full retirement age, which is when you can start collecting your monthly benefit based on your earnings record without any reduction.

You can begin claiming Social Security as early as 62, but filing before full retirement age lowers your monthly payment. For anyone born in 1960 or later, waiting until 67 can be the wiser choice.

Still, reaching full retirement age does not necessarily mean you should file right away. In many cases, waiting longer can make even more sense.

The benefits of delaying Social Security

Although full retirement age allows you to collect your benefit without a cut, postponing your claim beyond that point increases your monthly payment by 8% per year for life. That boost stops at age 70, but if you wait the full three years, your benefit can grow by 24%.

For example, if your full retirement age benefit is $2,000 a month, waiting until 70 would raise it to $2,480 a month. And that is only one advantage.

Social Security benefits can also receive annual cost-of-living adjustments, or COLAs. If you delay claiming and lock in a larger monthly benefit, each future COLA will be applied to a higher base amount, which means more money over time.

There is also another important factor for married couples. If you are the higher earner and your spouse outlives you, they are generally eligible for survivor benefits from Social Security. The larger your benefit, the larger the survivor payment may be.

Full retirement age does not mean filing immediately is the best move

If 2027 is the year you reach full retirement age, you may be tempted to claim then. But waiting longer can bring meaningful financial advantages.

Even if putting off your claim until age 70 is not realistic, delaying by just one year still results in an 8% increase. That extra amount could strengthen your retirement budget.

In the end, the more Social Security pays each month, the less you have to rely on your savings. Keep that in mind when your 67th birthday arrives so you can avoid a filing decision you later regret.