For decades, the standard script went like this: work until your mid-60s, get a gold watch, ride off into the sunset. But for millions of Americans these days, that script is getting rewritten in real-time. The question hanging over kitchen tables from coast to coast is no longer just “when do you want to retire?” but “can you afford to?” and increasingly, “should you even want to?”
If you were born after 1960, the government considers your full retirement age (FRA) to be 67. That’s the magic number where you get 100% of what you’ve earned from Social Security. But here’s where it gets interesting—and where the choices start piling up. You can punch out as early as 62, sure, but Uncle Sam will remember. Your monthly checks get permanently trimmed.
More Americans Are Actually Rethinking Their Retirement Age
On the flip side, if you’ve got the patience (or the health, or the job you don’t hate), waiting until age of 70 means those checks are significantly fatter for the rest of your life. We’re talking about a difference that can run into the hundreds of thousands of dollars depending on how long you stick around.
But delaying retirement isn’t just one thing. It’s a whole menu of options. Maybe you keep a full-time job because you genuinely like what you do (rare, but it happens). Maybe you ease into it—three days a week instead of five, consulting instead of managing.
Or perhaps you leave the job entirely but let your savings do the heavy lifting for a few years while your Social Security benefits quietly grow in the background. That last one? Basically letting the government pay you interest on patience.
The Math Behind Delaying Retirement That Changes Everything
Let’s talk numbers, because they’re actually pretty compelling. Between 62 and 70, your monthly Social Security benefit jumps about 8% every year you hold off. Do the math: if you wait the full eight years, you’re looking at up to 76% more per month. For someone who ends up living into their late 80s or 90s—and plenty of us will—that’s not pocket change. That’s the difference between counting pennies and actually breathing easy.
And it’s not just Social Security. Every extra year in the workforce is another year you can toss money into a 401(k) or an IRA. It’s another year the market has to work its magic on whatever you’ve already stashed away. If you got a late start on saving or watched your nest egg take a hit during the 2008 meltdown or the COVID crash, those extra years can be a lifeline.
Better Wellness and Higher Quality Healthcare
Medicare doesn’t kick in until 65. So if you bail out at 62, you’re looking at bridging a three-year gap with private insurance. And if you think that’s cheap, I’ve got a bridge to sell you. We’re talking premiums that can easily top $1,000 a month for a couple in their early 60s. Staying on the job means staying on the company plan. That’s not a small perk—that’s a six-figure benefit over time.
There’s also something to be said for what work does for you beyond the paycheck. Studies have poked at this—including some reputable ones in places like the British Medical Journal—and the takeaway is pretty consistent: staying engaged, staying around other people, having a reason to get up and problem-solve… it’s good for your head. Keeps the gears turning. Retirement can be great, but for some people, the abrupt stop is its own kind of hazard.
And if You’re Married? This One Matters
When one spouse dies—and statistically, women tend to outlive men—the survivor gets to keep the larger of the two Social Security checks. So if the higher earner delays benefits until 70, that’s not just padding their own pocket. It’s building a financial shield for the person who’ll be left behind. That’s the kind of move that doesn’t show up on a spreadsheet but can be the difference between comfort and struggle in the final years.
Finally, a clarifying note: none of this is one-size-fits-all. Some people are tired. Some people are sick. Some people have done the math and know they’d rather have less money and more time. That’s valid. But for those on the fence, the choice isn’t just about working longer. It’s about what working longer buys you—security, breathing room, maybe even a few extra good years at the end. And in a country where retirement feels increasingly uncertain, those things are worth more than ever.
