Social Security
RetirementA federal program providing retirement, disability, and survivor benefits funded by payroll taxes.
Example
Example: You work for 35 years with average indexed monthly earnings of $6,000. Your Primary Insurance Amount (PIA) at full retirement age (67) is approximately $2,700/month. Claiming at 62 reduces this to $1,890/month (permanently). Waiting until 70 increases it to $3,348/month (permanently). The break-even age between 62 and 70 is approximately 80 years old.