Planning to Claim Social Security at 65? Here's Why You May Need to Rethink That

One big reason why 65 is a popular age when workers plan to quit is because it used to be the age when you were entitled to your standard retirement benefit. However, that's no longer the case for any worker born after 1943, since amendments to Social Security that passed in 1983 gradually phased in a later full retirement age (FRA). Full retirement age is now between 66 and 67, depending on your birth year. For those whose FRA is 66, starting Social Security benefits at 65 would result in a 6.7% cut to the standard benefit.