The Social Security fund is facing an earlier depletion date, now projected for 2034. This shift could lead to significant changes in retirement benefits, urging Americans to reassess their financial strategies.

From 2026, the full retirement age for Social Security will be 67 for those born in 1960 or later. This change, rooted in the Social Security Amendments of 1983, underscores the importance of understanding your retirement timeline.

Claiming Social Security at age 62 reduces your benefit by up to 30%. When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming Social Security at 62.