The beginning of a year is always an ideal time for financial planning and making important monetary decisions. For many Americans nearing retirement age, one such key step is figuring out when to file for Social Security benefits.
According to CBS News, 2026 is a crucial year for those seeking the benefits, as Social Security’s Full Retirement Age (FRA) is scheduled to make its final increase, impacting Americans born in 1960 or later.
Earlier, people could claim their FRA benefits at the age of 65. However, a 1983 congressional reform, which has been phased in over several decades, has pushed the age bar higher.
The FRA has been gradually rising by two months per birth year since 2021, with the final step set for 2026. Starting this year, the FRA has reached 67 for everyone born in 1960 or later.
If you’re thinking about retiring soon, you might want to listen to this. Starting in 2026, Social Security’s full retirement age is set to make its final scheduled increase — and people born in 1960 or later will have to wait until they’re 67 to claim their full retirement… pic.twitter.com/fvUbubLi6E
— CBS News (@CBSNews) November 19, 2025
While people are allowed to claim Social Security as early as 62 years of age, eligibility alone does not guarantee the best plan of action. Claiming Social Security early comes with the risk of the monthly benefit being permanently reduced.
Therefore, people who are still working and don’t need the extra income may benefit from waiting before filing for the benefit. The delay in claiming benefits each year after the age of 62 increases the monthly payment, with the maximum benefit being available at age 70.
A delayed Social Security filing can ensure greater financial security in your later years, especially amid rising costs and longer life expectancy.
A higher monthly check can make a meaningful difference over time and help ensure a steady income later in life.
So, if you are still working in 2026, it would be a smart financial move to wait until you get bigger retirement checks. According to The Motley Fool, if you claim Social Security early, you may have to go through the earnings test.
In case your earnings go over the annual limit, Social Security may temporarily withhold part of your monthly benefits.
One should also wait to file for benefits if they cannot afford to take a smaller check now, as waiting until full retirement age allows an individual to receive their full Social Security benefit with no reductions.
People who have bankable IRAs, 401(k)s, or other savings may be able to file early and afford a reduced Social Security check because they can supplement their income with withdrawals from those accounts.
But for individuals with limited retirement savings, locking in a smaller Social Security benefit at 62 could strain their budget for the rest of their lives.
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Additionally, it is also important to maximize your Social Security in order to get more money after retirement. As Social Security only provides 40% of the average pre-retirement salary, filing early may reduce that percentage even further.
Timing your Social Security claim carefully becomes even more important if you are nearing retirement age and do not have ample savings. Waiting until full retirement age, or later, may increase your monthly benefit and provide a more reliable source of income during retirement.
A larger check can also help cover basic expenses and reduce the risk of running short on money later in life. It can also provide you with peace of mind and allow you to retire more confidently without worrying much about the later years.
As part of your 2026 financial planning, make sure to evaluate the ideal time to claim Social Security before actually filing for the same, and consider ways in which you can maximize your benefits.
