Claiming Social Security at 62 cuts benefits by up to 30% for life, while waiting until 70 adds roughly 8% per year. That difference translates to a lifetime gap of around $1,300 per month.
Stanford economists project Social Security's surplus disappears by 2033, but past reforms, including the 1983 overhaul, phased changes in over decades rather than suddenly.
Working a few extra years simultaneously grows Social Security benefits, shortens how long savings must last, and gives retirement accounts more time to compound.
Are you ahead, or behind on retirement? SmartAsset's free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been carefully vetted, and must act in your best interests. Don't waste another minute; learn more here.
Picture a couple in their early sixties. He drives for a regional logistics company. She manages the front office at a dental practice. Both are tired and wondering whether to file for Social Security.
A new op-ed reframes that fear. Svenja Gudell, Chief Economist at Indeed, argued in Fortune on July 18, 2026, that aging Baby Boomers leaving the workforce, not AI, are America's real labor-force problem. Her thesis: the steady growth of the U.S. workforce helped the economy absorb recessions and disruption for generations, and that tailwind is now fading as boomers retire. You can see it in the data. Employers still have 7.59 million open jobs as of May 2026, and the unemployment rate sits at 4.2% as of June 2026. Bosses are begging boomers to stay.
One retiree put it plainly in an online forum: he wanted to walk away at 63, but every time he mentioned it, his manager offered him another raise. That is the awkward, lucky problem many couples in this position face.
_________________________________
Here's a question most people 5y from retirement can't answer: at your current savings rate, how much do you need, and how long will it actually last? A good advisor can put a date on that in a single meeting. SmartAsset's free quiz matches you with up to three fiduciary advisors serving your area, so you can get YOUR retirement number now (sponsor)
__________________________________________
For a couple like this, the single biggest Social Security lever is when the higher earner files. Claiming at age 62 can cut your benefit by up to 30% for life, while waiting past full retirement age (FRA) adds roughly 8% per year up to age 70.
Source: Yahoo Finance Top News — This article was automatically imported from the source. Read full article at original source →
