Recent conversations around the future of Social Security have generated fear
and prompted some near-retirees to change their plans for claiming Social
Security senior
benefits. On June 14, 2026, Senator Elizabeth Warren and a group of her
colleagues sent a letter to President Trump pressing for a concrete plan to keep
Social Security solvent.
The news surrounding the letter’s message has alarmed some individuals near
retirement age, and some people are starting to rethink their plan for when they
intend to claim Social Security benefits.
The letter’s message to President Trump
The letter questioned whether the Trump administration plans to raise the full
retirement age, noting that Republicans “have a history of attempting to
increase the retirement age, privatize Social Security, or otherwise cut Social
Security benefits.”
It highlighted the fact that the Social Security trust fund is projected to
become insolvent by the end of 2032, earlier than the previous projection of the
fund being depleted in early 2033. If the fund becomes insolvent, the trust fund
would only be able to cover 78% of scheduled payments, and benefits may be
automatically cut because of the shortage.
The political pressure to identify a solution to the trust fund’s looming
insolvency is real. But, the prospect of an increased full retirement age is
also stoking fear among near-retirees who are considering claiming Social
Security at 62 to “lock in” benefits before Congress acts.
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How a retirement age change might take effect
The Social Security full retirement age is the age when you can first claim your
full benefits. For individuals born in 1960 or later, the current full
retirement age is 67. If you claim before the full retirement age, your monthly
benefits are permanently reduced. If you delay claiming benefits, you may
receive an increased benefit amount.
When Congress increased the full retirement age in 1983, the age was adjusted
from 65 to 67, but the change took place very gradually. The increased age was
phased in over 33 years.
The Bipartisan Policy Center’s Commission on Retirement Security and Personal
Savings proposed raising the full retirement age in a 2016 report. That increase
would continue for 48 years, raising the retirement age from 67 to 72. Since the
change is so gradual, anyone age 55 or older today is very unlikely to see their
own full retirement age move.
What the math says
Deciding when to claim Social Security actually impacts your lifetime income. If
you claim at age 62 with a full retirement age of 67, your monthly benefits are
permanently cut by approximately 30%. In contrast, if you wait to claim until
age 70, your benefits may be about 24% higher.
Let’s say that at age 67, you were to receive $2,400 per month in Social
Security benefits. If you claim at age 62, your benefits may be reduced to about
$1,680 per month. If you wait to claim until age 70, your benefits may be
increased to about $2,976 per month. That gap of about $1,300 per month amounts
to a difference of more than $15,000 per year for life. Understanding how claiming at 62, 67, or 70 affects your monthly benefit can help you decide which option best fits your financial situation.
Additionally, benefits are compounded by future cost-of-living adjustments, so
starting off with a larger base payment means annual raises are going to be larger, too.
What if benefits were cut
The trust fund is projected to be depleted in 2032, which could trigger an
automatic 22% across-the-board benefits cut. The cut could amount to an average
of $500 per month for average Social Security recipients.
Even the scenario in which a cut was implemented doesn’t make claiming early a
better option for most retirees.
What to consider when deciding when to claim Social Security
Rather than worrying about Congress increasing the full retirement age, there
are other factors to consider when deciding which age makes the most sense for
you to start claiming benefits.
Think about your health and life expectancy. If you’re in poor health, claiming
earlier might make sense, but if you’re in good health and claim early, you
might ultimately receive less in benefits over your lifetime than you could have
received if you’d waited to claim.
Evaluate your other income sources. If you have a pension, a 401(k), or savings
to rely on, it might be wise to delay claiming your Social Security to maximize
your benefit amounts.
Remember that your decision to claim may also impact a spouse. If you claim
Social Security early, your decision may permanently reduce what your surviving
spouse may inherit.
Bottom line
Determining when to claim Social Security is a personal choice, and it needs to
be based on the unique factors that you face. Before you make any permanent
decisions, run your own estimate at ssa.gov to see what the numbers might look
like depending on the age when you claim your benefits.
It’s also a good idea to consult with a financial planner who may review your
full retirement plan. A financial professional may check
up on your retirement readiness and may have some advice to help you decide
when to claim Social Security.
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Author Details
Paige Cerulli
Paige Cerulli is a writer for FinanceBuzz with more than 15 years of experience covering personal finance. She focuses on trending financial topics and helps readers make sense of everyday money decisions to more timely topics like tax refunds and how to make the most of that extra cash.
