The age at which individuals can claim full Social Security benefits has been a central aspect of retirement planning for decades. However, recent changes are set to affect millions, particularly those nearing retirement in the coming years.

The age you begin taking Social Security will have a lifelong impact on the amount you receive each month. Filing as early as possible at age 62 will reduce your payments by up to 30%, while delaying past your full retirement age will earn you a bonus on top of your full benefit.