Social Security
The U.S. federal program that pays inflation-adjusted retirement income based on your lifetime earnings and the age you claim.
Social Security is a federal program that provides monthly income in retirement (as well as disability and survivor benefits). Your benefit is based on your 35 highest-earning years, and the age at which you claim has a large effect on the monthly amount.
You can start as early as 62 or as late as 70. Claiming early permanently reduces your monthly benefit; waiting increases it, with the largest monthly check available at 70. Your full retirement age (FRA) — 67 for people born in 1960 or later — is the reference point: claim before it and benefits are reduced, claim after and they grow through delayed retirement credits.
There's no universally correct claiming age. It depends on your health and life expectancy, whether you're married (spousal and survivor benefits matter), your other income sources, and your tax situation. The decision is best modeled against your own numbers rather than chosen by rule of thumb.
This definition is general information to help you understand a term, not financial, tax, or legal advice. Figures that change year to year (limits, thresholds, rates) should be confirmed against current official sources. For guidance on your situation, a licensed fee-only fiduciary is the right next step.