Upcoming Social Security Changes: What to Expect in 2025

The age at which you begin collecting Social Security benefits significantly impacts your monthly and lifetime payouts. While collecting at age 62 offers immediate access to funds, it results in a permanent reduction of 25-30% in benefits. Claiming at age 65 provides a middle-ground approach, but may result in less lifetime income if you live longer. Waiting until age 70 maximizes monthly benefits, increasing payouts by 24-32% compared to full retirement age. However, personal factors such as health and financial needs should guide the decision, as studies suggest that waiting until age 70 often optimizes lifetime benefits.