America's Social Security programme reaches its full retirement age of 67 in 2027. That number carries real weight.
Workers who claim before 67 face a lasting reduction to their monthly payments. Those who wait past that age collect a bigger sum each month.
There is also a distinct regulation for people who earned above the annual limit before reaching full retirement age. Once they turn 67, they can get back any payments that were kept aside.
A cost-of-living adjustment anticipated in 2027 could push some retirees into a higher tax bracket, which would eat into any gain from that increase.